January 2019 Individual Due Dates
January 2 – Time to Call For Your Tax Appointment
January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded.
January 10 – Report Tips to Employer –
If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 10.
January 15 – Individual Estimated Tax Payment Due –
It’s time to make your fourth quarter estimated tax installment payment for the 2018 tax year.
January 2019 Business Due Dates
January 15 – Employer’s Monthly Deposit Due –
If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for December 2018.
This is also the due date for the nonpayroll withholding deposit for December 2018 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.
January 31 – 1099-MISCs Due To Service Providers & the IRS –
If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as nonemployee compensation during 2019, you are required to provide Form 1099 to those workers by January 31.
“Nonemployee compensation” can mean payments for services performed for your business or rental by an individual who is not your employee, commissions, professional fees and materials, prizes and awards for services provided, fish purchases for cash, and payments for an oil and gas working interest.
In order to avoid a penalty, copies of the 1099s also need to be sent to the IRS by January 31, 2019 *. The 1099s must be submitted on optically scannable (OCR) forms. This firm prepares 1099s in OCR format for submission to the IRS with the 1096 submittal form. This service provides both recipient and file copies for your records. A business or individual who is required to file 250 or more information returns (i.e., 1099s among others) must file those forms electronically. Please call this office for preparation assistance.
*This due date for the IRS’ copy is one or two months earlier than in years prior to 2017 and applies when you have paid nonemployee compensation that is being reported in box 7 of the 1099-MISC.
January 31 – Form 1098 and Other 1099s Due to Recipients –
Form 1098 (Mortgage Interest Statement) and Forms 1099, other than 1099-MISC when box 7 is used, are also due to recipients by January 31. The IRS’ copy is not due until February 28, 2019, or April 1, 2019 if electronically filed. These 1099s may be reporting the following types of income:
- Dividends and other corporate distributions
- Amounts paid in real estate transactions
- Amounts paid in broker and barter exchange transactions
- Payments to attorneys
- Payments of Indian gaming profits to tribal members
- Profit-sharing distributions
- Retirement plan distributions
- Original issue discount
- Prizes and awards
- Medical and health care payments
- Debt cancellation (treated as payment to debtor)
January 31 – Employers – W-2s Due to All Employees & the Government –
EMPLOYEE’S COPY: All employers need to give copies of the W-2 form for 2018 to their employees. If an employee agreed to receive their W-2 form electronically, post it on a website and notify the employee of the posting. GOVERNMENT’S COPY: W-2 Copy A and Transmittal Form W-3, whether filed electronically or by paper, are due January 31 to the Social Security Administration. This is a month earlier than in years before 2017.
January 31 – File Form 941 and Deposit Any Undeposited Tax –
File Form 941 for the fourth quarter of 2018. Deposit any undeposited Social Security, Medicare and withheld income tax. (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.
January 31 – File Form 943 –
All farm employers should file Form 943 to report Social Security, Medicare taxes and withheld income tax for 2018. Deposit any undeposited tax. (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.
January 31 – W-2G Due from Payers of Gambling Winnings –
If you paid either reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of the W-2G form for 2018.
January 31 – File 2018 Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment –
If you file your prior year’s individual income tax return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment that was otherwise due earlier in January.
January 31 – File Form 940 – Federal Unemployment Tax –
File Form 940 (or 940-EZ) for 2018. 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 deposited the tax for the year in full and on time, you have until February 11 to file the return.
January 31 – File Form 945 –
File Form 945 to report income tax withheld for 2018 on all non-payroll items, including back-up withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any undeposited tax. (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.