February 2017 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of February 2017.

February 1

Employers. Semi-weekly depositors must deposit employment taxes for Jan 25–Jan 27.

February 3

Employers. Semi-weekly depositors must deposit employment taxes for Jan 28–Jan 31.

February 8

Employers. Semi-weekly depositors must deposit employment taxes for Feb 1–Feb 3.

February 10

Employees who work for tips. Employees who received $20 or more in tips during January must report them to their employer using Form 4070.

Employers. File Form 945 to report income tax withheld for 2016 on all nonpayroll items if previously deposited the tax for the year timely, properly and in full.

Employers. File Form 940 to report federal unemployment tax if previously deposited the tax for the year timely, properly and in full.

Certain small employers. File Form 944 to report social security and Medicare taxes and withheld income tax for 2016 only if previously deposited the tax for the year timely, properly and in full.

Farm employers. File Form 943 to report social security and Medicare taxes and withheld income tax for 2016 if previously deposited the tax for the year timely, properly and in full.

February 15

Employers. Semi-weekly depositors must deposit employment taxes for Feb 8–Feb 10.

Individuals. Employees claiming exemption from income tax withholding last year on Form W-4, Employee’s Withholding Allowance Certificate, must resubmit that claim of exemption to their employer.

Businesses. Provide annual information statements to recipients of payments reported, in 2016, on Form 1099-B, Form 1099-Sand substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC.

Employers. For those to whom the monthly deposit rule applies, deposit employment taxes and nonpayroll withholding for payments in January 2016.

February 16

Employers. Withhold income tax from the pay of any employee who claimed exemption from withholding in 2016, but who did not provide Form W-4 to continue the exemption for the current year.

February 17

Employers. Semi-weekly depositors must deposit employment taxes for Feb 11–Feb 14.

February 23

Employers. Semi-weekly depositors must deposit employment taxes for Feb 15–Feb 17.

February 24

Employers. Semi-weekly depositors must deposit employment taxes for Feb 18–Feb 21.

February 28

Businesses. File information returns for certain payments made by January 31, 2017, to include, payments associated with cash payments for fish, compensation for workers who aren’t considered employees, dividends and other corporate distributions, interest, rent and royalties, payments of Indian gaming profits to tribal members, profit-sharing distributions, retirement plan distributions, original issue discount, prizes and awards, and medical health care payments.

Payers of gambling winnings. File Form 1096 with Copy A of all Forms W-2G issued in 2016 unless filing electronically.

Large food and beverage establishment employers. File Form 8027 and Use Form 8027-T to summarize and transmit Forms 8027 if there is more than one establishment unless filing electronically.

Health coverage reporting. Applicable Large Employers file paper Forms 1094-C and 1095-C with the IRS unless filing electronically. All other providers of minimum essential coverage file paper Forms 1094, B and 1095-B with the IRS unless filing electronically.

March 1

Employers. Semi-weekly depositors must deposit employment taxes for Feb 22–Feb 24.

March 3

Employers. Semi-weekly depositors must deposit employment taxes for Feb 25–Feb 28.

Written by

Steve Moss, CPA is a partner at Holden Moss CPAs and loves helping businesses and their owners grow to be the very best they can be. Our other offices include Raleigh, Oxford and Warrenton. We are a little different at Holden Moss CPAs. While we still provide traditional tax and accounting services, years ago we realized many clients wanted help in running their businesses and were hungry for ideas, solutions, strategy, and execution. In response, we expanded our skill set and joined Ran One, a global network of business consulting firms. Our membership with Ran One gives us access to proprietary resources and analytical software to help our clients grow, become more profitable and valuable, and have the lifestyle they desire. Now, blended into the fabric of our normal tax and accounting needs, we are focused on our clients’ businesses in a very different way. While our approach is not right for everyone, for those whom it is, incredible results may be obtained. Whether you have a new, or established, business, or for those in transition of selling or retiring, or for those who simply need to develop an exit strategy or succession plan, our unique approach to client service may be the edge you need.

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