Abstract: This article provides a list of
important tax deadlines for the first quarter of 2017.
Tax calendar
January 17
Individual taxpayersÕ final 2016
estimated tax payment is due.
January
31
á
File
2016 Forms W-2 (ÒWage and Tax StatementÓ) with the SSA and provide copies to
your employees.
á
File
2016 Forms 1099-MISC (ÒMiscellaneous IncomeÓ) reporting nonemployee
compensation payments in box 7 with the IRS and provide
copies to recipients.
á
Most
employers must file Form 941 (ÒEmployerÕs Quarterly Federal Tax ReturnÓ) to
report Medicare, Social Security and income taxes withheld in the fourth
quarter of 2016. 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. Employers who
have an estimated annual employment tax liability of $1,000 or less may be
eligible to file Form 944 (ÒEmployerÕs Annual Federal Tax ReturnÓ).
á
File
Form 940 (ÒEmployerÕs Annual Federal Unemployment [FUTA] Tax ReturnÓ) for 2016.
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.
á
File
Form 943 (ÒEmployerÕs Annual Federal Tax Return for Agricultural EmployeesÓ) to
report Social Security, Medicare and withheld income taxes for 2016. 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.
á
File
Form 945 (ÒAnnual Return of Withheld Federal Income TaxÓ) for 2016 to report
income tax withheld on all nonpayroll items, including backup withholding and
withholding on accounts such as pensions, annuities and IRAs. 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 28
File 2016 Forms 1099-MISC with the IRS
and provide copies to recipients. (Note that Forms 1099-MISC
reporting nonemployee compensation in box 7 must be filed by Jan. 31,
beginning with 2016 forms filed in 2017.)
March 15
2016 tax returns must be filed or
extended for calendar-year partnerships and S corporations. If the return is
not extended, this is also the last day to make 2016 contributions to pension
and profit-sharing plans.
© 2016