The following is a list of important tax dates for employers and HR professionals in 2014.
By January 31
Furnish Forms 1099 and W-2. Furnish each employee with a completed Form W-2, Wage and Tax Statement. Furnish each independent contractor with a completed Form 1099.
File Form 940. File Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return. However, if all of the FUTA tax was deposited when due, there are 10 additional days to file.
File Form 941 or Form 944. File Form 941, Employer's Quarterly Federal Tax Return, for the fourth quarter of 2012 and deposit any undeposited income, Social Security, and Medicare taxes. Employers may pay these taxes with Form 941 if the total tax liability for the quarter is less than $2,500. An employer should file Form 944, Employer's Annual Federal Tax Return, for the previous calendar year instead of Form 941 if the IRS has notified the employer in writing to file Form 944, and pay any undeposited income, Social Security, and Medicare taxes. Employers may pay these taxes with Form 944 if their total tax liability for the year is less than $2,500.
File Form 945. File Form 945, Annual Return of Withheld Federal Income Tax, to report any nonpayroll income tax withheld in 2012. However, if all of the taxes were deposited when due, there are 10 additional days to file.
By February 15
Request a new Form W-4 from exempt employees. Ask for a new Form W-4, Employee’s Withholding Allowance Certificate, from each employee who claimed exemption from income tax withholding last year.
By February 16
Expired W-4s. Any Form W-4 previously provided claiming exemption from withholding has expired. Begin withholding for any employee who previously claimed exemption from withholding but who has not given a new Form W-4 for the current year. If the employee does not give a new Form W-4, withhold tax as if he or she is single, with zero withholding allowances. However, if there is an earlier Form W-4 for this employee that is valid, withhold based on the earlier Form W-4. If the employee furnishes a new Form W-4 claiming exemption from withholding after February 15, you may apply the exemption to future wages, but do not refund taxes withheld while the exempt status was not in place.
By February 28
File Forms 1099 and 1096. File Copy A of all Forms 1099 with Form 1096, Annual Summary and Transmittal of U.S. Information Returns, with the Internal Revenue Service (IRS) (For electronically filed returns, the date is March 31.)
File Forms W-2 and W-3. File Copy A of all Forms W-2 with Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration (SSA). (For electronically filed returns, the date is March 31.)
File Form 8027. File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips, with the IRS. (For electronically filed returns, the date is March 31.)
By March 31
File electronic Forms 1099, W-2, and 8027. File electronic Forms 1099 and 8027 with the IRS. File electronic Forms W-2 with the SSA.
By April 30, July 31, October 31, and January 31
Deposit FUTA taxes. Deposit federal unemployment tax due if it is more than $500.
File Form 941. File Form 941, Employer’s Quarterly Federal Tax Return, and deposit any undeposited income, Social Security, and Medicare taxes. Employers may pay these taxes with Form 941 if the total tax liability for the quarter is less than $2,500 and the taxes are paid in full with a timely filed return. If all taxes were deposited when due, there are 10 additional days to file the return.
Before December 1
New Form W-4. Remind employees to submit a new Form W-4 if their withholding allowances have changed or will change for the next year.
For additional information, see IRS Publication 15, Circular E, the& Employer's Supplemental Tax Guide, on the Internal Revenue Service's website athttp://www.irs.gov.