Tax
and Business Alert – January ‘23
439 words
Abstract: This
calendar notes important tax deadlines for the first quarter of 2023.
Tax Calendar
January 17 – Individual
taxpayers’ final 2022 estimated tax payment is due.
January 31 – Employers
must file 2022 Forms W-2 (“Wage and Tax Statement”) with the Social Security
Administration and provide copies to their employees.
·
Employers must file (paper or electronic) 2022
Forms 1099-NEC (“Nonemployee Compensation”), reporting nonemployee compensation
payments, along with the related Form 1096 (“Annual
Summary and Transmittal of U.S. Information Returns”), and provide copies
to recipients.
·
Most employers must file Form 941 (“Employer’s
Quarterly Federal Tax Return”) to report Medicare, Social Security and income
taxes withheld in the fourth quarter of 2022. If an employer’s tax liability is
less than $2,500, he or she can pay it in full with a
timely filed return. If an employer deposited the tax for the quarter in full
and on time, he or she has 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 (“Employer’s Annual Federal Tax Return”).
·
Employers must file Form 940 (“Employer’s Annual
Federal Unemployment (FUTA) Tax Return”) for 2022. If an employer’s undeposited
tax is $500 or less, he or she can either pay it with the return or deposit it.
If it is more than $500, he or she must deposit it. However, if an employer
deposited the tax for the year in full and on time, he or she has until
February 10 to file the return.
·
Employers must file Form 943 (“Employer’s Annual
Federal Tax Return for Agricultural Employees”) to report Social Security, Medicare and withheld income taxes for 2022. If an
employer’s tax liability is less than $2,500, he or she can pay it in full with a timely filed return. If an employer deposited the tax
for the year in full and on time, he or she has until February 10 to file the
return.
·
Employers must file Form 945 (“Annual Return of
Withheld Federal Income Tax”) for 2022 to report income tax withheld on all
nonpayroll items, including backup withholding and
withholding on pensions, annuities, IRAs, etc. If an employer’s tax liability
is less than $2,500, he or she can pay it in full with
a timely filed return. If an employer deposited the tax for the year in full
and on time, he or she has until February 10 to file the return.
February 28 – Employers must file 2022 Form 1099-MISC (“Miscellaneous
Income”) reporting certain payments to certain persons, along with the related
Form 1096 (“Annual Summary and Transmittal of U.S. Information Returns”), and provide copies to recipients.
March 15 – Calendar-year
partnerships and S corporations must file or extend 2022 tax returns. If the
return is not extended, this is also the last day for those types of entities
to make 2022 contributions to pension and profit-sharing plans.
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