February 2016 Individual Due Dates

February 1 – Tax Appointment

If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you.
February 1 – File 2015 Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment

If you file your prior year’s return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment (January calendar).

February 10 – Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10.

Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

February 16 – Last Date to Claim Exemption from Withholding

If you claimed an exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

February 2016 Business Due Dates

February 1 – 1099s Due to Service Providers

If you are a business or rental property owner and paid $600 or more for the services of individuals (other than employees) during 2015, you are required to provide Form 1099 to those workers by February 1. “Services” can mean everything from labor, professional fees and materials, to rents on property. In order to avoid a penalty, copies of the 1099s need to be sent to the IRS by February 29, 2016 (March 31, 2016 if filed electronically). They must be submitted on optically scannable (OCR) forms. This firm prepares 1099s in OCR format for submission to the IRS with the 1096 submittal form. This service provides both recipient and file copies for your records. Please call this office for preparation assistance.

Payments that may be covered include the following:

• Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish
• Compensation for workers who are not considered employees (including fishing boat proceeds to crew members)
• Dividends and other corporate distributions
• Interest
• Amounts paid in real estate transactions
• Rent
• Royalties
• Amounts paid in broker and barter exchange transactions
• Payments to attorneys
• Payments of Indian gaming profits to tribal members
• Profit-sharing distributions
• Retirement plan distributions
• Original issue discount
• Prizes and awards
• Medical and health care payments
• Debt cancellation (treated as payment to debtor)
• Cash payments over $10,000

February 1 – W-2 Due to All Employees

All employers need to give copies of the W-2 form for 2015 to their employees. If an employee agreed to receive their W-2 form electronically, post it on a website and notify the employee of the posting.

February 1 – File Form 941 and Deposit Any Undeposited Tax

File Form 941 for the fourth quarter of 2015. Deposit any undeposited Social Security, Medicare and withheld income tax. (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 February 10 to file the return.

February 1 – File Form 943

All farm employers should file Form 943 to report Social Security, Medicare taxes and withheld income tax for 2015. Deposit any undeposited tax. (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 year in full and on time, you have until February 10 to file the return.

February 1 – W-2G Due from Payers of Gambling Winnings

If you paid either reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of the W-2G form for 2015.

February 1  – File Form 940 – Federal Unemployment Tax

File Form 940 (or 940-EZ) for 2015. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.

February 1 – File Form 945

File Form 945 to report income tax withheld for 2015 on all non-payroll items, including back-up withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any undeposited tax. (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 year in full and on time, you have until February 10 to file the return.

February 10 – Non-Payroll Taxes

File Form 945 to report income tax withheld for 2015 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time.

February 10 – Social Security, Medicare and Withheld Income Tax

File Form 941 for the fourth quarter of 2015. This due date applies only if you deposited the tax for the quarter in full and on time.

February 10 – Certain Small Employers

File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2015. This due date applies only if you deposited the tax for the year in full and on time.

February 10 – Federal Unemployment Tax

File Form 940 for 2015. This due date applies only if you deposited the tax for the year in full and on time.

February 16 – Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in January.

February 16 – Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in January.

February 29 – Payers of Gambling Winnings

File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2015. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms was February 1.

February 29 – Informational Returns Filing Due

File information returns (Form 1099) and transmittal Forms 1096 for certain payments you made during 2015. There are different forms for different types of payments. These are government filing copies for the 1099s issued to service providers and others (see February 1.)

February 29 – All Employers

File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2015. If you file Forms W-2 electronically, your due date for filing them with the SSA will be extended to March 31. The due date for giving the recipient these forms was February 1.

February 29 – Large Food and Beverage Establishment Employers

File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.

February 29 – Farmers and Fishermen

File your 2015 income tax return (Form 1040) and pay any tax due. However, you have until April 18 to file if you paid your 2015 estimated tax by January 15, 2016.