Randy J. Elder, CPA, P.C.

January 31. Important tax form filing dates are just around the corner for Arizona small business

The all-important January 31 file form filing date is coming up quickly for Arizona small business owners. Make sure you are prepared.

Here’s a quick run-down of important form filings due on January 31.

1099s Due To Independent Contractors
If you paid an independent contractor $600 or more last year, you are required to provide Form 1099 to that individual by January 31st. For details on Form 1099 and reporting requirements related to Independent Contractors, read my previous blog dedicated to Independent Contractor forms and filing requirements. It is also a good idea to put February 28 and March 31 in your calendar. February 28 is the date copies of the 1099’s need to be sent to the IRS to avoid penalties. You have until March 31 if filing electronically.

W-2 Due to All Employees
Make sure that you provide all employees with a copy of their W-2 Form for 2013 by January 31. If you’ve gone green and offer and staff have agreed, to receive their W-2 Form electronically, make sure to post it on a website and notify the employee of the posting by this date.

File Form 941 and Deposit Any Tax Due
Form 941 for the fourth quarter of 2013 is due January 31. Make sure to get all required deposits in including Social Security, Medicare and withheld income tax

Certain Small Employers
File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2013. Deposit or pay any amounts due under the accuracy of deposit rules. If your tax liability is $2,500 or more for 2013 but less than $2,500 for the fourth quarter, you can collect amounts due or pay in full with a return filed on time, of course.

Form 940 – Federal Unemployment Tax
File Form 940 (or 940-EZ) for 2013 is due January 31. If your tax amount due is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.

Form 945
Also due January 31 is Form 945 to report income tax withheld for 2013 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Make sure to deposit any tax due. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.