2019 Q1 Key Tax Deadlines For Your Business
With a new year upon us, there are a few key tax deadlines that you should keep in mind. Please be aware that this is not an all-inclusive list. There may be additional deadlines that apply to you or your business.
January 15
• File Fourth Quarter Estimated Tax Payments (Form 1040-ES).
January 31
• File W-2 Forms “Wage and Tax Statement.” You should provide a copy to your employees as well as file this with the Social Security Administration.
• Complete the 1099-MISC “Miscellaneous Income” and provide them to those individuals that received income from your business throughout the year when required.
• File the Forms 1099-MISC demonstrating the compensation payments for nonemployees that will go into Box 7 with the IRS.
• File the 2018 Form 940 “Employer’s Annual Federal Unemployment (FUTA) Tax Return.”
o There are a couple of things to note on this form. If the amount of undeposited tax is $500 or less, you have the option to either deposit the amount or include the payment with the return. If the amount is greater than $500, then you must deposit it. If you deposit the liability due for the year on time and in a single payment, then you have until February 11, 2019 to file the return.
• File the 2018 Form 941 “Employer Quarterly Federal Tax Return,” this is to report the income that is withheld from the employees for the purposes of Medicare, income taxes and social security.
o If the total tax due is less than $2,500, you have the option of paying it in single payment with the return, if the return is filed in a timely manner. If you deposit the liability due for the year on time and in a single payment, then you have until February 11, 2019 to file the return.
• File the 2018 Form 945 “Annual Return of Withheld Federal Income Tax” reporting the amount withheld for federal income tax purposes on nonpayroll payments and withholding on certain accounts. For example, this includes pensions, annuities and IRAs.
o If the total tax due is less than $2,500, you have the option of paying it in a single payment with the return, if the return is filed in a timely manner. If you deposit the liability due for the year on time and in a single payment, then you have until February 11, 2019 to file the return.
• File the 2018 Form 1096 “Annual Summary and Transmittal of U. S. Information Returns.” The purpose of filing this form is to transmit paper forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G to the IRS.
February 28
• File the Forms 1099-Misc with the IRS if it meets these two criteria (otherwise, they can be filed on the April 1st deadline):
1. It was not necessary to file them earlier.
2. You are filing with paper copies.
March 15
• A calendar year-based partnership or S-Corporation needs to file or extend the 2018 tax return and pay any tax liability that is due by this date. Please be aware that this is also the last day to make contributions to pension and profit-sharing plans for the year of 2018 if the return is not extended.
Please contact a tax professional if you have any questions or need assistance with meeting the deadlines.