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January 1
Stop payment of the earned income credit for any employee who has not submitted a Form W-5 for 2008
January 4
Under the Semiweekly rule payroll taxes for January 1st payroll are due to be deposited
January 9
Under the Semiweekly rule payroll taxes for January 2-4 payroll are due to be deposited
January 10th
Filing by an employee that received $20 or more in tips during December to their employer using Form 4070 Employee’s Report of Tips to Employer is due
Communications and air transportation taxes under the alternative method are to be deposited for amounts billed or tickets sold during the first 15 days of December
January 11
Under the Semiweekly rule payroll taxes for January 5 - 8 payroll are due to be deposited
January 14
Regular method taxes for communications and air transportation are due for the period covering the last 16 days of December are due
January 15
Filing of Estimated Taxes for 2007 is due
If you are a monthly depositor of payroll taxes your payroll tax liability for December is due
Nonpayroll withholdings are due for December payments
January 16
Under the Semiweekly rule payroll taxes for January 9-11 payroll are due
January 18
Under the Semiweekly rule payroll taxes for January 12-15 payroll are due
January 24
Under the Semiweekly rule payroll taxes for January 19 - 22 payroll are due
January 25
Under the Semiweekly rule payroll taxes for January 19 - 22 are due
Communications and air transportation taxes under the alternative method are due to be deposited for amounts billed or tickets sold during the last 16 days of December
January 29
Regular method taxes for communications and air transportation taxes are due for deposit for the period covering the first 15 days of January 2008
January 30th
Under the Semiweekly rule payroll taxes for January 23-25 payroll are due
January 31
Filing of Individual Income Tax Return if you did not file and pay all Federal income tax by January 15th to avoid penalty for not paying estimated income taxes
W2’s are due to employees. If an employee has agreed to receive their W2 electronically have it posted on a web site and notify the employee of the posting
Payers of gambling winnings report winnings or withheld income tax from winnings and give the winners their copies of Form W2-G
File Form 941 for the fourth quarter of 2007 and deposit any undeposited tax. If the tax liability is under $2500 you may pay it in full with a timely filed return. If you deposit the tax for the quarter in full and on time you have until February 11 to file the return
Certain small employers will Form 944 to report social security, Medicare and federal income taxes withheld in 2007. If your tax liability is $2500 or more for 2007 but less than $2500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return.
Farm employers file Form 943 to report social security, Medicare and withheld income taxes for 2007. If your tax liability is less than $2500 you can pay 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
1099’s are due to recipients of non-employee income, interest, rent, dividends, real estate transactions, royalties, 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 discounts, prizes and awards, medical and health care payments, debt cancellations, and cash payments over $10,000. Choose the appropriate 1099 form based on the type of payment
File Form 720 (Quarterly Federal Excise Tax Return) for the fourth quarter of 2007
File Form 730 and pay taxes on wagers accepted during December of 2007
File Form 2290 and pay the use tax for heavy highway vehicles first used in December 2007
This listing represents the most common filing and deposit requirements but is not intended to cover every tax and tax filing due for every business or individual. Should you have any questions regarding your individual situation, please consult with your accountant, your tax preparer or the Internal Revenue Service.
You may also have state and/or local returns and deposits due doing the month of January depending on the location of your business. Check with your local and state government agencies for more information.