Businesses and other employers have several tax forms that they must submit in the first quarter of 2018. Below are a few items you’ll want to be sure you have submitted by the accompanying dates listed.
January 31
Form W-2
Employers must furnish each employee a completed Form W-2, Wage and Tax Statement, by Jan. 31, 2018. Be sure to include benefits, such as personal use of an auto and health insurance premiums for 2 percent or more shareholders in an S Corporation, as taxable income to the employee.
Form 1099
Jan. 31, 2018, is also the deadline to furnish each recipient a completed Form 1099. These forms can vary, but the most common is the Form 1099-MISC (Miscellaneous Income) used to report payments made, in the amount of $600 or more, for services performed for a trade or business by people not treated as its employees. Consultants are a good example of people to whom you would furnish a Form 1099. However, the IRS has specific rules to determine whether a person is a consultant or an employee. If you’re unsure, feel free to contact us for assistance.
1099-MISC Filing
If you are reporting nonemployee compensation payments in box 7, the Form 1099-MISC must be filed with the IRS on or before Jan. 31, 2018. Otherwise, file by Feb. 28, 2018, if you file on paper, or by April 2, 2018, if you file electronically.
Form 940
Employers must file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, by Jan. 31, 2018; however, if you deposited all the FUTA tax when it was due, you have until Feb. 12, 2018, to file.
Form 941
Businesses must file Form 941, “Employer’s Quarterly Federal Tax Return,” to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2017. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until Feb. 12, 2018 to file the return. (Employers that have an estimated annual employment tax liability of $1,000 or less may be eligible to file Form 944, “Employer’s Annual Federal Tax Return.”)
Form 945
Jan. 31, 2018, is also the due date for filing Form 945, Annual Return of Withheld Federal Income Tax, to report any nonpayroll income tax withheld in 2017. An example of nonpayroll income tax would be withholding from pensions.
February 28
Employers must file 2017 Forms 1099-MISC with the IRS by Feb. 28, 2018, if 1) they’re not required to be filed earlier and 2) you’re filing paper copies. (Otherwise, the filing deadline is April 2, 2018.)
March 15
If a calendar-year partnership or S corporation, you’ll need to file or extend your 2017 tax return and pay any tax due by March 15, 2018. If the return isn’t extended, this is also the last day to make 2017 contributions to pension and profit-sharing plans.
If you have questions or need help with any of these filings, give us a call.