February 2016 sees us in the height of tax season. While the tax accountants at DuRant, Schraibman & Lindsay are busy helping individuals and businesses with their tax obligations, please be aware of these important Federal tax deadlines.
Federal Tax Deadlines February 2016
February 1, 2016
Individuals – If you must make estimated tax payments and you missed the January 15, 2016 deadline, you may choose to file your income tax return (Form 1040) for 2015. If you file your return and pay any tax due by February 1, you will avoid any penalty for late payment of the last installment. If you cannot file and pay by February 1, file and pay your tax by April 18, 2016.
Businesses – Your 1099 recipients should receive their annual information statements for any monies paid in 2015.
February 10, 2016
Employees – Employees who work for tips – if you received $20 or more in tips in January 2016, report them to your employer using Form 4070.
Employers – Social Security, Medicare and withheld income tax reporting due. File Form 941 for the 4th quarter of 2015.
Federal unemployment tax due – file Form 940 for 2015.
Nonpayroll taxes due – file Form 945 to report income tax withheld for 2015 on all nonpayroll items. This due date applies only if you deposited the tax for the quarter in full and on time.
Certain Small Employers – Social Security and Medicare taxes and withheld income tax for 2015 – file Form 944.
Farm Employers – Social Security and Medicare taxes and withheld income tax for 2015 – file Form 943.
February 16, 2016
Individuals – If you claimed 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 February 16th to continue your exemption for another year.
Businesses – Give annual information statements to recipients of certain payments made during 2015. Use the appropriate version of Form 1099 or other information return.
Employers – Social Security, Medicare, withheld income tax, nonpayroll withholding. If the monthly deposit rule applies, deposit the tax payments for January 2016.
February 17, 2016
Employers – Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2015, but did not give you a new Form W-4 to continue exemption this year.
February 29, 2016
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, 2016. The due date for giving the recipient these forms remains February 1.
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, 2016. The due date for giving the recipient these forms is still February 1.
Large Food and Beverage Establishment Employers – with employees who work for tips. File Form 8027, 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 will be extended to March 31, 2016.
Farmers and Fishermen – File your 2015 income tax return (Form 1040) and pay any tax due. You have until April 18, 2016 to file if you paid your estimated tax by January 15, 2016.
Businesses – File information returns (Form 1099) for certain payments made in 2015. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.
If you file Forms 1097, 1098, 1099, 3921, 3922 or W-2G electronically, your due date for filing them will be extended to March 31, 2016. The due date for giving the recipient these forms will still be February 1.
If you require help in filing your business or individual tax returns, contact DuRant, Schraibman & Lindsay.