Welcome to December — the month of snowflakes, unwrapping presents, holiday gatherings, and yes, some important tax and compliance deadlines. Here’s a list for your review.
In December, it’s recommended that you:
- Remind employees whose withholding status will change in 2019 that they should submit a new Form W-4 to the employer. The new form should be submitted as early as possible to guarantee implementation of the withholding change in January.
- Establish tax return preparation procedures.
- Develop tax preparation docket sheet.
- Analyze tax season staffing needs.
- Prepare tax season work assignments.
- Prepare tax preparation packets and tax data organizers for clients.
- Review new tax developments.
- Remind individual clients of Jan. 15 due date for final 2018 estimated tax payment.
- Remind business clients of Jan. 31 due date for filing Forms W-2 and 1099-MISC.
Key Compliance Dates:
Wednesday, Dec. 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 28-30.
Friday, Dec. 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 1-4.
Monday, Dec. 10 – Tipped employees who receive $20 or more in tips during November report them to the employer on Form 4070.
Wednesday, Dec. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 5-7.
Friday, Dec. 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 8-11.
Monday, Dec. 17
- Monthly depositors deposit FICA and withheld income tax for November.
- Calendar-year corporations pay fourth installment of 2018 estimated tax.
Wednesday, Dec. 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 12-14.
Friday, Dec. 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 15-18.
Thursday, Dec. 27 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 19-21.
Friday, Dec. 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 22-25.
Intuit® ProConnect™ Resources:
- The December 2018 Calendar with filing deadlines and reminders for you and your clients
- Key Tax Facts for 2018
- 5 Key Tax Changes for Your Individual Clients in 2018
As always, visit Intuit ProConnect for more information and training resources.
