Navigating the complex world of tax deadlines can be daunting, especially for busy businesses. Fear not! This comprehensive guide will sail you through February’s tax obligations, ensuring you remain compliant and avoid any penalties.
February 12th: A Multi-Tax Day for Different Employers
- Non-Payroll Taxes: File Form 945 if you deposited all 2023 withheld income tax for non-payroll items on time and in full.
- Social Security, Medicare & Withheld Income Tax: Submit Form 941 for the fourth quarter of 2023 (applicable only if deposits were timely and complete).
- Certain Small Employers: Use Form 944 to report 2023 Social Security, Medicare, and withheld income taxes, but only if deposits were complete and timely.
- Farm Employers: Form 943 is due for reporting 2023 Social Security, Medicare, and withheld income taxes, provided timely and complete deposits were made.
- Federal Unemployment Tax: File Form 940 for 2023 if all deposits were made on time and in full.
February 15th: Information Sharing with Recipients
- Distribute Information Statements: Send Forms 1099-B, 1099-S, and 1099-MISC (as applicable) to recipients who received certain payments from you in 2023. Electronic delivery is an option with their consent.
- Social Security, Medicare & Withheld Income Tax Deposits: Make your monthly deposit (if applicable) for payments made in January.
- Non-Payroll Withholding Deposits: If the monthly deposit rule applies, deposit the tax for January payments.
February 16th: Payroll Withholding Resumes for Certain Employees
Employers resume withholding for employees who claimed exemption in 2023 but haven’t provided a new W-4 (or W-4(SP)) for 2024 exemption continuation.
February 28th: Wrap-Up Time for Various Forms
- Gambling Winnings Reports: File Form 1096 and copies of all Forms W-2G issued for 2023. Electronic filing extends the deadline to April 1.
- Informational Returns: Submit government copies of most 2023 information returns (Forms 1099) and transmittal Forms 1096 (except 1099-NECs due January 31st).
- Applicable Large Employers (ALEs): File paper Forms 1094-C and 1095-C (or 1094-B and 1095-B for other minimum essential coverage providers) with the IRS. Electronic filing extends the deadline to April 1.
February 29th: Tip Reporting for Large Food & Beverage Establishments
Use Form 8027 and, if applicable, Form 8027-T, to report and transmit tip income and allocations for 2023. Electronic filing extends the deadline to April 1.
Weekends & Holidays: Don’t worry, if a due date falls on a non-business day, it’s automatically extended to the next business day.
Disaster Area Extensions: In case of a designated disaster area, deadlines may be extended. Check FEMA and IRS websites for details.
Remember: This guide provides a general overview. Specific requirements and deadlines might vary depending on your business situation. Always consult with a tax professional for personalized advice.
We hope this smooth sailing through February’s tax deadlines reduces your stress and keeps you on track for compliance. Now, go forth and conquer those forms!
