As tax season approaches, it’s crucial for businesses to stay ahead of important deadlines to avoid penalties and ensure compliance with IRS regulations. February is a particularly busy month for tax filings, including payroll taxes, information returns, and unemployment tax filings.
To help you navigate the upcoming deadlines, we’ve compiled a comprehensive list of key tax due dates for February 2025. Mark your calendars and ensure timely submissions!
February 10: Non-Payroll and Employment Tax Filings
File Form 945 – Non-Payroll Tax Withholding
Businesses must file Form 945 to report federal income tax withheld on non-payroll payments, such as pensions, annuities, and gambling winnings. This deadline applies only if you have deposited the full tax amount for the year on time.
File Form 941 – Social Security, Medicare, and Withheld Income Tax
Employers must file Form 941 for the fourth quarter of 2024, which reports wages paid, Social Security and Medicare taxes withheld, and federal income tax withheld from employee wages. This deadline applies if all required deposits were made on time.
File Form 944 – Annual Tax Reporting for Small Employers
Certain small employers eligible to file annually instead of quarterly must submit Form 944 to report Social Security and Medicare taxes, along with withheld income tax. The form is due only if all taxes have been deposited in full and on time.
File Form 943 – Farm Employers’ Tax Reporting
Farm employers must submit Form 943 to report Social Security, Medicare, and withheld income tax for agricultural employees. This applies only if full deposits were made on time for the year.
File Form 940 – Federal Unemployment Tax (FUTA)
Businesses must file Form 940 to report and pay federal unemployment taxes. The deadline applies only if the total FUTA tax due for 2024 has been deposited timely.
February 18: Information Returns and Tax Withholding
Provide 1099 Statements to Recipients
Businesses must furnish annual Form 1099 statements to recipients of payments made during 2024. This applies to:
- Broker transactions (Form 1099-B)
- Real estate transactions (Form 1099-S)
- Substitute payments and legal services (Form 1099-MISC, Box 8 & 10)
Form 1099s can be issued electronically with recipient consent. Ensuring timely distribution helps recipients file their tax returns accurately.
Deposit Social Security, Medicare, and Withheld Income Tax
If your business follows the monthly deposit schedule, you must deposit employment taxes for January 2025, covering Social Security, Medicare, and federal income tax withholding.
Deposit Non-Payroll Withholding Taxes
If your business withholds federal income tax on non-payroll payments (e.g., pensions, annuities, or gambling winnings) under the monthly deposit rule, the January 2025 payment must be deposited by this date.
Begin Employee Income Tax Withholding
Employers must start withholding income tax from employees who claimed exemption from withholding in 2024 but did not submit a new Form W-4 for 2025.
February 28: Filing Information Returns with the IRS
File Paper Copies of 1099s with the IRS
If filing by paper, businesses must submit Forms 1099 for 2024 payments, including broker transactions, real estate sales, and legal services.
Important Note:
- Form 1099-NEC, which reports non-employee compensation, must have been filed by January 31.
- If filing electronically, the IRS extends the deadline to March 31, 2025.
File Form 1096 – Annual Summary and Transmittal of U.S. Information Returns
This form accompanies paper-filed Forms 1099 and summarizes all submitted information returns.
File Forms 1094-B & 1095-C for Employer Health Coverage Reporting
Applicable Large Employers (ALEs) must submit Forms 1094-C and 1095-C for employee health coverage reporting. Other providers of minimum essential coverage must file Forms 1094-B and 1095-B.
For electronic filing, the deadline extends to March 31, 2025.
File Form 8027 – Large Food & Beverage Establishments
Employers in food and beverage industries with tipping employees must file Form 8027 to report allocated tips.
Special Considerations: Weekends, Holidays & Disaster Area Extensions
- If a due date falls on a weekend or federal holiday, the deadline automatically moves to the next business day.
- Disaster Area Extensions: If your business is in a declared federal disaster area, the IRS may extend tax deadlines. Check the latest updates at:
Final Thoughts
Staying ahead of tax deadlines helps businesses avoid penalties and maintain compliance. Plan early, ensure accurate reporting, and consider working with a tax professional to streamline the process.
For expert tax guidance and compliance assistance, contact JS Morlu today! We specialize in helping businesses navigate complex tax requirements with ease.
