January 31 Tax Deadline

Thinking about the upcoming tax deadlines? All businesses: Give annual information statements (IRS Forms 1099) to recipients of certain payments you made during 2016. Payments that are covered include: (1) compensation for workers who are not considered employees, (2) dividends and other corporate distributions, (3) interest, (4) rents, (5) royalties, (6) profit-sharing distributions, (7) retirement plan distributions, (8) original issue discounts, (9) prizes and awards, (10) medical and health care payments, (11) debt cancellations (treated as payment to debtor), (12) payments of Indian gaming profits to tribal members, and (13) cash payments over $10,000. There are different forms for different types of payments.

Employers: Give your employees their copies of IRS Form W-2 for 2016.

For non-payroll taxes, file IRS Form 945 to report income tax withheld for 2016 on all non-payroll items, such as back-up withholding and withholding on pensions, annuities, and IRAs.

For Social Security, Medicare, and withheld income tax, file IRS Form 941 for the fourth quarter of 2016. Deposit or pay any undeposited tax. If your tax liability is less than $2,500, you can pay it with the return. If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.

For federal unemployment tax, file IRS Form 940 (or 940-EZ) for 2016. If your undeposited 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 already deposited the tax for the year in full and on time, you have until February 10 to file the return.

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