January 2018 Tax and Compliance Deadlines

From everyone at Intuit® ProConnect™, we wish you a very happy New Year and the best in 2018! Welcome to our monthly roundup of important tax and compliance deadlines; here they are for your review:

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 2017 return by Jan. 31 in lieu of making a final 2017 estimated tax payment.
• Remind business clients of information reporting

Key Compliance Dates:

In December, employees whose withholding status will change in 2018 should submit a new Form W-4 to their employer. The new form should be submitted as early as possible to guarantee implementation of the withholding change in January.

Thursday, Jan. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 27-29.

Friday, Jan. 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 30-Jan 2.

Wednesday, Jan. 10

• Tipped employees who received $20 or more in tips during December report them to the employer on Form 4070.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 3-5.

Friday, Jan. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 6-9.

Tuesday, Jan. 16

• Monthly depositors deposit FICA and withheld income tax for December.
• Individuals pay final installment of 2017 estimated tax.

Thursday, Jan. 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 10-12.

Friday, Jan. 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 13-16.

Wednesday, Jan. 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 17-19.

Friday, Jan. 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 20-23.

Wednesday, Jan. 31

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 24-26.
• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the fourth quarter of 2017 (if tax is deposited in full and on time, file by Feb. 10).
• Qualifying small employers file annual Form 944, Employer’s Annual Federal Tax Return, for 2017 (in lieu of quarterly Form 941s).
• Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2017 (if tax was deposited in full and on time, file by Feb. 10).
• Furnish copies of Form W-2 for 2017 to employees.
• Employers file Copy A of all Forms W-2 issued for 2017 with the Social Security Administration. Paper Forms W-2 should be accompanied by a Form W-3.
• Furnish information returns to payees for payments made in 2017.
• File information returns with the IRS for nonemployee compensation paid in 2017.
• Individuals file individual income tax return for 2017 in lieu of Jan. 16 estimated tax payment.
• File Form 945, Annual Return of Withheld Federal Income Tax, for 2017 to report income tax withheld on nonpayroll items.

Intuit ProConnect Resources:

• The January 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.