February 2018 tax compliance calendar

Marcia Campbell | Certified Public Accountant

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2018.

February 2

Employers. Semi-weekly depositors must deposit employment taxes for Jan 27–Jan 30.

February 7

Employers. Semi-weekly depositors must deposit employment taxes for Jan 31-Feb 2.

February 9

Employers. Semi-weekly depositors must deposit employment taxes for Feb 3–Feb 6.

February 12

Employees who work for tips. Employees who received $20 or more in tips during January must report them to their employer using Form 4070.

Employers. File Form 945 to report income tax withheld for 2017 on all nonpayroll items if previously deposited the tax for the year timely, properly and in full.

Employers. File Form 940 to report federal unemployment tax if previously deposited the tax for the year timely, properly and in full.

Certain small employers. File Form 944 to report social security and Medicare taxes and withheld income tax for 2017 only if previously deposited the tax for the year timely, properly and in full.

February 14:

Employers. Semi-weekly depositors must deposit employment taxes for Feb 7–Feb 9.

February 15:

Employers. Use new withholding tables for 2018, as revised for the Tax Cuts and Jobs Act.

Individuals. Individuals who claimed exemption from income tax withholding in 2017 on Form W-4, Employee’s Withholding Allowance Certificate must file a new Form W-4 to continue the exemption for another year

All businesses. Give annual information statements to recipients of certain payments you made during 2017. 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:

  • All payments reported on Form 1099-B, Proceeds From Broker and Barter Ex-change Transactions.
  • All payments reported on Form 1099-S, Proceeds From Real Estate Transactions.
  • Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC.

February 16

Employers. Semi-weekly depositors must deposit employment taxes for Feb 10-Feb 13.

February 22

Employers. Semi-weekly depositors must deposit employment taxes for Feb 14–Feb 16.

February 23

Employers. Semi-weekly depositors must deposit employment taxes for Feb 17–Feb 20.

February 28

Businesses. File information returns (for example, certain Forms 1099) for certain payments you made during 2017. However, Form 1099-MISC reporting nonemployee compensation must be filed by January 31. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment.

If you file Forms 1097, 1098, 1099 (except a Form 1099-MISC reporting nonemployee compensation), 3921, 3922, or W-2G electronically, your due date for filing them with the IRS will be extended to April 2. The due date for giving the recipient these forms generally remains January 31.

Payers of gambling winnings. File Form 1096 with Copy A of all Forms W-2G issued in 2017 unless filing electronically.

Large food and beverage establishment employers. File Form 8027 and Use Form 8027-T to summarize and transmit Forms 8027 if there is more than one establishment unless filing electronically.

Health coverage reporting. Applicable Large Employers file paper Forms 1094-C and 1095-C with the IRS unless filing electronically. All other providers of minimum essential coverage file paper Forms 1094, B and 1095-B with the IRS unless filing electronically.

Employers. Semi-weekly depositors must deposit employment taxes for Feb 21–Feb 23.

March 1

Farmers and fishermen. File your 2017 income tax return (Form 1040) and pay any tax due. However, you have until April 17 to file if you paid your 2017 estimated tax by January 16, 2018.

March 2

Employers. Semi-weekly depositors must deposit employment taxes for Feb 24–Feb 27.

Note: Notice 2018-6 extended the due date for employers to furnish to individuals the 2017 Form 1095-B, Health Coverage, and the 2017 Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, from January 31, 2018, to March 2, 2018.

By MARCIA CAMPBELL | Contributing columnist with THE PRESS ENTERPRISE

Marcia L. Campbell, has worked as a CPA for over 25 years specializing in seniors, trusts, estates, court accountings and probate litigation support. You can reach her at Marcia@MCampbellCPA.com

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