2008 Essential Calendar Dates
Now that the Holidays are over and the New Year has officially begun it is time to turn your attention to the deadlines that lie ahead. As you know, each New Year begins with accounting for the year that has just past.
Step into 2008 on the right foot and mark these dates on your calendar:
JANUARY 31st - W2’S TO EMPLOYEES
Employers must give each employee a W2 by January 31st, 2008. The W2 must reflect an employee’s annual wages and tax withheld from the entire year of 2007. For further details of what must be included on a W2 please contact our office or visit the IRS website. *The 2007 Social Security wage base is $97,500
JANUARY 31st – 1099’s FOR SERVICES OVER $600
In some cases Employers will need to give individuals or businesses 1099’s for services they preformed if the total is over $600 for the 2007. If a business or individual is incorporated you will not have to issue a 1099. Please call our office or visit the IRS website if you have any questions on who should be issued a Form 1099.
FEBRUARY 28th – FILE FORM W3 WITH COPY A OF W2’S TO SSA
Form W3 (Transmittal of Wage and Tax Statements) along with File Copy A of all W2 Forms must be filed with the Social Security Administration (SSA). Form W3 is filed as a cover sheet for all W2 forms. Keep Copy D for your records and send Copy 1 to your State Tax Department.
*Note: If you are filing W2 Forms electronically (not by magnetic media) the deadline for reporting to the SSA is March 31st.
FEBRUARY 28th – FILE FORM 1096 AND FORMS 1099 TO IRS
Form 1096 (Annual Summary and Transmittal of U.S. Information Returns) along with File Copy A of all 1099 Forms must be filed with the Internal Revenue Service (IRS).
*Note: If you are filing 1099 Forms electronically (not by magnetic media) the deadline for reporting to the IRS is March 31st.
FEBRUARY 28th – FILE FORM 8027
Employer’s Annual Information Return of Tip Income and Allocated Tips must be filed with the Internal Revenue Service by February 28th.
*Note: If you are filing Form 8027 electronically (not by magnetic media) the deadline for reporting to the Internal Revenue Service is March 31st.
Other Tips/Reminders:
- Remember to request a new Form W-4 for Exempt Employees before Feburary 15th
- File Form 944 Employer’s ANNUAL Federal Tax Return instead of Form 941 by January 31st if the IRS has notified you to do so in writing.
- File Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return by January 31st.
Please remember that this newsletter is only intended as a quick reminder to start you thinking in the right direction. It is not all inclusive and does not go into detail regarding specific guidelines and requirements. We would be happy to advice you in any manner that you need. As always, if you have questions please contact our office or visit the Social Security Administration & IRS websites for further information.