February 2017 Tax and Compliance Deadlines

With tax season in full swing, you can’t forget to pay attention to important compliance deadlines. Here’s a list for review.

In February, it is recommended that you:

• Send reminders to individual clients who have not returned tax preparation packets or scheduled appointments.
• Review pros and cons of S corporation election with eligible corporate clients.
• Remind partnerships of new March 15 income tax return filing deadline.

Key Compliance Dates:

Wednesday, Feb. 1 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 25-27.

Friday, Feb. 3 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 28-31.

Wednesday, Feb. 8 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 1-3.

Friday, Feb. 10:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 4-7.
• Employers file Form 941 for the fourth quarter of 2016, if tax was deposited in full and on time.
• Tipped employees who received $20 or more in tips during January report them to the employer on Form 4070.
• Employers file Form 940 for 2016, if tax was deposited in full and on time.

Wednesday, Feb. 15:

• Monthly depositors deposit FICA and withheld income tax for January.
• Claims for 2016 exemption from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2016.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 8-10.

Friday, Feb. 17 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 11-14.

Thursday, Feb. 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 15-17.

Friday, Feb. 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 18-21.

Tuesday, Feb. 28:

• Large food and beverage establishment employers file Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips; use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips if reporting for more than one establishment. Electronic filers see March 31.
• File paper Form 1099 information returns (other than returns for non-employee compensation) with the IRS for payments made in 2016. March 31 is the due date for electronic filers. Returns for non-employee compensation were required to be filed by Jan. 31.

Intuit Resources:

• The February 2017 Calendar with filing deadlines and reminders for you and your clients.
• Key Tax Facts for the 2016 Return
• New Tax Law Changes for 2016

As always, visit Intuit® ProConnect™ for more information and training resources.