• May 2017 Business Due Dates

    1 May 2017
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    Happy May 1st! We’ve compiled your business due dates for this new month. Add these to your calendar NOW to stay on track!

    May 1 –  Federal Unemployment Tax 
    Deposit the tax owed through March if it is more than $500.

    May 1 – Social Security, Medicare and Withheld Income Tax
    File Form 941 for the first quarter of 2017. Deposit or pay any un-deposited tax under the accuracy of deposit rules. 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 May 10 to file the return.

    May 10 – Social Security, Medicare and Withheld Income Tax
    File Form 941 for the first quarter of 2017. This due date applies only if you deposited the tax for the quarter in full and on time.

    May 15 – Employer’s Monthly Deposit Due
    If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2017. This is also the due date for the non-payroll withholding deposit for April 2017 if the monthly deposit rule applies.
    Contact Dagley & Co. with any questions regarding May’s due dates.

     

     

     

     

     

     

     

     

     

     

     

     

     

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  • January 2017 Business Due Dates

    5 January 2017
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    Are you a business owner, or is it your job to take control of your company’s accounting department? Don’t be overwhelmed by the new year! We’ve compiled a list of important due dates for you to remember. We advise you to write these down or add them to your phone/computer calendar! The due dates are as follows:

    January 17 – Employer’s Monthly Deposit Due –

    If you are an employer and the monthly deposit rules apply, January 17 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2016. This is also the due date for the non-payroll withholding deposit for December 2016 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.

    January 31 – 1099-MISCs Due to Service Providers & the IRS –

    If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as non-employee compensation during 2016, you are required to provide Form 1099 to those workers by January 31. “Non-employee compensation” can mean payments for services performed for your business or rental by an individual who is not your employee, commissions, professional fees and materials, prizes and awards for services provided, fish purchases for cash, and payments for an oil and gas working interest. In order to avoid a penalty, copies of the 1099s also need to be sent to the IRS by January 31, 2017*. The 1099s must be submitted on optically scan-able (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.

    *This due date for the IRS’ copy is one or two months earlier than in prior years and applies when you have paid non-employee compensation that is being reported in box 7 of the 1099-MISC.

    January 31 – Form 1098 and Other 1099s Due to Recipients – 

    Form 1098 (Mortgage Interest Statement) and Forms 1099, other than 1099-MISC, are also due to recipients by January 31. The IRS’ copy is not due until February 28, 2017, or March 31, 2017 if electronically filed. These 1099s may be reporting the following types of income:

    • 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)

     

    January 31 – Employers – W-2s Due to All Employees & the Government –

    All employers need to give copies of the W-2 form for 2016 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. NEW DATE: W-2 Copy A and Transmittal Form W-3, whether filed electronically or by paper, are due January 31 to the Social Security Administration. This is a month earlier than in the past.

    January 31 –  File Form 941 and Deposit Any Un-Deposited Tax –

    File Form 941 for the fourth quarter of 2016. Deposit any un-deposited 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.

    January 31 – File Form 943 – 

    All farm employers should file Form 943 to report Social Security, Medicare taxes and withheld income tax for 2016. Deposit any un-deposited 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.

    January 31 – 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 2016.

    January 31 – File 2016 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 that was otherwise due earlier in January.

    January 31 – File Form 940 – Federal Unemployment Tax – 

    File Form 940 (or 940-EZ) for 2016. If your un-deposited 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.

    January 31 – File Form 945 –

    File Form 945 to report income tax withheld for 20152016 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 un-deposited 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.

     

    As always, if you have any questions about the due dates above, please give Dagley & Co. a call at (202) 417-6640.

     

     

     

     

     

     

     

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