January 2017 Tax and Compliance Deadlines

It’s a new year, which means tax season is here! As you reflect on time spent with family, opening gifts and enjoying holiday food, it’s time to look ahead at important tax information for 2017. Here’s a reminder of key tax compliance and due dates for you and your clients.

In January, it is recommended that you:

• Send tax preparation packets and tax data organizers to individual clients.
• Alert individual clients to the option of filing the 2016 return by Jan. 31, in lieu of making final 2016 estimated tax payment.
• Remind business clients of information reporting requirements.

Key Compliance Dates:

• Wednesday, Jan. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 28-30.
• Friday, Jan. 6 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 31-Jan. 3.
• Tuesday, Jan. 10 – Tipped employees who received $20 or more in tips during December report them to the employer on Form 4070.
• Wednesday, Jan. 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 4-6.
• Friday, Jan. 13 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 7-10.
• Tuesday, Jan. 17 – Monthly depositors deposit FICA and withheld income tax for December. Individuals pay final installment of 2016 estimated tax.
• Thursday, Jan. 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 11-13.
• Friday, Jan. 20 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 14-17.
• Wednesday, Jan. 25 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 18-20
• Friday, Jan. 27 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 21-24.
• Tuesday, Jan. 31 – Employers file Form 941 for the fourth quarter of 2016 (if tax deposited in full and on time file by February 10). Qualifying small employers file annual Form 944 for 2016 (in lieu of quarterly Form 941s). Employers file Form 940 for 2016 (if tax was deposited in full and on time, file by February 10). Furnish copies of Form W-2 for 2016 to employees.
• NEW DUE DATE: Employers file Copy A of all Forms W-2 issued for 2016 with the Social Security Administration (SSA). Paper Forms W-2 should be accompanied by a Form W-3. Furnish information returns to payees for payments made in 2016.
• NEW DUE DATE: File information returns with the IRS for nonemployee compensation paid in 2016. Individuals file individual income tax return for 2016 in lieu of January 15 estimated tax payment. File Form 945 for 2016 to report income tax withheld on nonpayroll items.

Intuit Resources:

• The January 2017 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.