February 2018 Tax and Compliance Deadlines

Tax season is here! While you’re busy working on returns with your clients, don’t forget about this month’s important tax and compliance deadlines:

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 the March 15 return filing deadline.

Key Compliance Dates:

Friday, Feb. 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 27-30.

Wednesday, Feb. 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 27-30.

Friday, Feb. 9 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 3-6.

Monday, Feb. 12:

• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for fourth quarter 2017 if tax for the quarter 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, Employee’s Report of Tips to Employer.
• Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2017 if tax for the year was deposited in full and on time.

Wednesday, Feb. 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 7-9.

Thursday, Feb. 15:

• Monthly depositors deposit FICA and withheld income tax for January.
• Claims for 2017 exemption from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2018.

Friday, Feb. 16 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 10-13.

Thursday, Feb. 22 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 14-16.

Friday, Feb. 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 17-20.

Wednesday, Feb. 28:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 21-23.
• 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 have until April 2.
• File information returns (other than returns for nonemployee compensation) with the IRS for payments made in 2017. Returns for nonemployee compensation were required to be filed by Jan. 31. Electronic filers have until April 2.

Intuit® ProConnect™ Resources:

• The February 2018 Calendar with filing deadlines and reminders for you and your clients
• Key Tax Facts for 2017
• New Tax Developments for 2017 and Beyond

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