2019 Q1 tax calendar: Key deadlines for businesses and other employers
Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2019. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Contact us to ensure you are meeting all applicable deadlines and to learn more about the filing requirements.
January 31
• File 2018 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration and provide copies to your employees.
• Provide copies of 2018 Forms 1099-MISC, “Miscellaneous Income,” to recipients of income from your business where required.
• File 2018 Forms 1099-MISC reporting nonemployee compensation payments in Box 7 with the IRS.
• File Form 940, “Employer’s Annual Federal Unemployment (FUTA) Tax Return,” for 2018. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it’s more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 11 to file the return.
• File Form 941, “Employer’s Quarterly Federal Tax Return,” to report Medicare, Social Security and income taxes withheld in the fourth quarter of 2018. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until February 11 to file the return. (Employers that have an estimated annual employment tax liability of $1,000 or less may be eligible to file Form 944,“Employer’s Annual Federal Tax Return.”)
• File Form 945, “Annual Return of Withheld Federal Income Tax,” for 2018 to report income tax withheld on all nonpayroll items, including backup withholding and withholding on accounts such as pensions, annuities and IRAs. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year in full and on time, you have until February 11 to file the return.
February 28
• File 2018 Forms 1099-MISC with the IRS if 1) they are not required to be filed earlier and 2) you are filing paper copies. (Otherwise, the filing deadline is April 1.)
March 15
• If a calendar-year partnership or S corporation, file or extend your 2018 tax return and pay any tax due. If the return isn’t extended, this is also the last day to make 2018 contributions to pension
© 2018
Fast Facts: Affordable Care Act
Dukhon Tax advisors have been answering many questions in relation to ObamaCare and the Affordable Care Act (ACA). We hope these fast facts help with your 2014 tax preparation.
- The IRS opens the 2014 tax filing season on Tuesday, January 20, 2015.
- Taxes must be filed by the IRS deadline: Wednesday, April 15, 2015.
- When filing 2014 taxes, you must report the status of your health care coverage and any cost assistance you received.
- Forms 1095-A, 1095-B or 1095-C from your insurer will detail the months you had coverage. In the event you have multiple sources of coverage, you will receive multiple forms.
- Did you, or a dependent household member, go three months or more without minimum essential coverage? You will need to make a Shared Responsibility Payment or file an exemption.
- Exemptions are only valid with an Electronic Confirmation Number (ECN). This number is provided by the Health Insurance Marketplace. Exemption requests take time to process. Ensure you apply early to avoid late tax filing penalties.
- Taxes filed in 2015 are subject to the 2014 fee rate. Cost assistance is based on the 2013 Federal Poverty Guidelines. Annual fee rate for not having insurance (2014) is $95/adults, $47.50/child, family $285, or 1% of household income to a max threshold. In 2015, the annual fee rate for not having insurance jumps to $325/adult, $162.50/child, family $975, or 2% of household income to a max threshold.
- Income below the minimum threshold for filing a tax return? You are exempt from the fee for not having coverage, but may qualify for Medicaid or Marketplace cost assistance.
- Made less than you projected? Opted not to take the full tax credit in advance? If you did not update your Marketplace information, you need to deduct the remaining amount on your Federal income taxes. See Form 8962 – Premium Tax Credit (PTC).
- Small business owners can use the Small Business Health Options Program (SHOP) to obtain coverage and credits for their employees.
- Minimum essential coverage can only be obtained during open enrollment.
- Unlike the typical methods of collection (liens, jail time), the IRS is not able to enforce the Individual Shared Responsibility Provision. Instead, the IRS will withhold your Federal Income Tax refund.
To learn more about the Affordable Care Act, the Individual Shared Responsibility Provision or view IRS publications, please visit: http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Individual-Shared-Responsibility-Provision
For personal or business tax preparation, or to obtain guidance with the Affordable Care Act, the team at Dukhon Tax is ready to help. Visit us at DukhonTax.com