Here are some of the key tax-related deadlines affecting businesses and other employers during the second quarter of 2018. 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’re meeting all applicable deadlines and to learn more about the filing requirements.
- Electronically file 2017 Form 1096, Form 1098, Form 1099 (except if an earlier deadline applies) and Form W-2G.
- If a calendar-year C corporation, file a 2017 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004), and pay any tax due. If the return isn’t extended, this is also the last day to make 2017 contributions to pension and profit-sharing plans.
- If a calendar-year C corporation, pay the first installment of 2018 estimated income taxes.
- Report income tax withholding and FICA taxes for first quarter 2018 (Form 941), and pay any tax due. (See exception below under “May 10.”)
- Report income tax withholding and FICA taxes for first quarter 2018 (Form 941), if you deposited on time and in full all of the associated taxes due.
- If a calendar-year C corporation, pay the second installment of 2018 estimated income taxes.
The Spring SSA/IRS Reporter includes a useful article offering tips for organizations that use payroll service providers. A payroll service provider (PSP) can be an excellent option for employers that are looking for assistance with payroll processing and payroll tax deposit requirements. However, it is important to remember that the responsibility for timely filing and payment still lies with the employer. The IRS can hold you and your business ultimately responsible for unpaid taxes, or unfiled or late files returns. The IRS offers a few tips if you use a payroll service:
- Check to see if your payroll service is listed on the IRS Payroll Service Providers page. The listed providers have passed IRS testing requirements [Click here to see the full list].
- Know your tax due dates. The IRS offers Tax Calendar options that can help [Tax Calendar].
- Review your payroll tax reports for accuracy before they are filed.
- Enroll in EFTPS. You will be able to login and see the tax payments made under your EIN, and make missed payments, if necessary.
- Keep your organization’s address as the address of record with the IRS. This way you are sure to see any correspondence from the IRS and make sure that a response is made quickly.
- If you suspect your PSP is not complying with regulations, file a complaint with the IRS using Form 14157.
As always, Atchley & Associates, LLP is happy to answer questions or assist you in any way we can.
Reference. Publication 1693 (Rev. 6-2015) Catalog Number 15060W Department of the Treasury Internal Revenue Service www.irs.gov