Before December 31, 2010
__ Remind employees to notify you of a change of filing status based on marriage, divorce, adoption, birth of a baby, child turning 21, or mailing address.
__ Make sure employee paycheck names and social security numbers match their social security cards and W-4 information.
__ Employers may elect to use the Special Accounting Rule for taxable non-cash fringe benefits used any time in November and December 2010 as paid in 2011.
__ Paychecks dated in 2011 are 2011 wages, even if earned in 2010.
__ Check all social security withheld. If any employee exceeded the 2010 limit, $6,621.60, make an adjustment or refund before making your final 2010 tax-year deposit.
By January 1, 2011
__ Process W-4s submitted for 2011 before the first payroll. Reminder: With the elimination of the advance Earned Income Tax Credit for 2011, the W-5 is eliminated.)
__ Stop making EITC payments to employees.
By January 17, 2011
__ Review paychecks outstanding more than two pay periods so you have time to void and reissue in time for 2010 W-2s.
__ Verify that total taxes withheld and social security-taxable and medicare-taxable wages reported on 2010 941s or 944 equal the totals of 2010 W-2s to be distributed.
__Have by today data from third parties that made short- or long- term disability payments their 2010 payment and withholding data.
By January 31, 2011
__ If Special Accounting Rule is elected, notify employees today.
__ W-2 copies B, C and 2 must be in employees’ possession or postmarked or available on website.
__ 1099-MISC, copies B, C and 2 for pension, retirement, and profit-sharing, IRA, insurance or other distribution must be in payee’s possession or postmarked.
__ Postmark 1099-R copies B, C and 2 for pension, retirement, profit-sharing, IRA, insurance or other distribution must be in payee’s possession or postmarked.
__ Form 941 or 944 are due.
__ Form 940 due, unless all FUTA taxes were timely paid in 2010.
__ Form 945 due, to report non-payroll income tax.
By February 10, 2011
__ Form 941 due. Form 940 or 940-EZ due if all 2010 FUTA taxes were timely paid and for the full amount.
By February 15, 2011
__ Get new W-4s from employees who claimed exempt in 2010.
__ Start withholding at single with no allowances from those claiming exempt in 2010 who did not submit a W-4 for 2011.
By February 28, 2011
__ Paper W-2s, copy A and W-3 due to the Social Security Administration.
__ Paper 1099-MISC, W-2, 1099-R, W-2G and 1096, copy A due to the IRS.
__ Paper Form 8027, Annual Tip Report, due to the IRS.
By March 15, 2011
__ Forms 1042-S and 1042 due to the IRS and to recipients of the income.
By March 31, 2011
__ File electronic Form 8027 with the IRS.
__ Electronic 1099-MISC and 1096, copy A, due at the IRS: electronic W-2, copy A due at the Social Security Administration, and Forms 1099, W-2G and 8029 due at the IRS.
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