February 2023 tax and compliance deadlines

Now that it’s February, you are into tax season. At this point, you’re probably not putting in a lot of hours, but regardless of what you’re doing, don’t forget about important tax and compliance deadlines for February 2023. Be sure to share this list with your clients.

In February, it’s recommended that you:

• Send reminders to individual clients who have not returned tax preparation packets or scheduled appointments.
• Remind partnerships and S corporations of the March 15 return filing deadline.

Tax compliance deadlines:

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

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

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

Thursday, Feb. 9:

• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the fourth quarter of 2022 if tax for the quarter was deposited in full and on time.
• Employers file Form 940, Employer’s Annual Federal Unemployment Tax Return, for 2022 if tax for the year 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.

Friday, Feb. 10—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 4-7.

Monday, Feb. 13—monthly depositors deposit FICA and withheld income tax for January.

Wednesday, Feb. 15:

• Claims for 2022 exemption from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2023.
• Monthly depositors deposit FICA and withheld income tax for January.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 8-10.
• All businesses: Give annual information statements to recipients of certain payments you made during 2022. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments.

Friday, Feb. 17—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 11-13.

Wednesday, Feb. 22—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 14-17.

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

Tuesday, Feb. 28: All businesses: File information returns (for example, certain Forms 1099) for certain payments you made during 2022. These payments are described under the January 31 “All businesses” entry.

Intuit Accountants Resources:

• The February 2023 calendar with filing deadlines and reminders for you and your clients.
• IRS annual inflation adjustments for tax years 2021 and 2022.
• Key tax facts for 2022.