Even after your taxes are filed, there are still due dates to meet for you as an individual or a as a business owner. Your tax filing was for 2015, now we are well into 2016 and there are May due dates. You may want to start gathering this information now, so you do not fall behind.
May Due Dates for an Individual
May 10 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
May 31 – Final Due Date for IRA Trustees to Issue Form 5498
Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2015. The FMV of an IRA on the last day of the prior year (Dec 31, 2015) is used to determine the required minimum distribution (RMD) that must be taken from the IRA if you are age 70½ or older during 2016. If you are age 70½ or older during 2016 and need assistance determining your RMD for the year, please give this office a call. Otherwise, no other action is required and the Form 5498 can be filed away with your other tax documents for the year.
May Due Dates for a Business
May 2 – Federal Unemployment Tax
Deposit the tax owed through March if it is more than $500.
May 2 – Social Security, Medicare and Withheld Income Tax
File Form 941 for the first quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 quarter in full and on time, you have until May 10 to file the return.
May 10 – Social Security, Medicare and Withheld Income Tax
File Form 941 for the first quarter of 2016. This due date applies only if you deposited the tax for the quarter in full and on time.
May 16 – Employer’s Monthly Deposit Due
If you are an employer and the monthly deposit rules apply, May 16 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2016. This is also the due date for the non-payroll withholding deposit for April 2016 if the monthly deposit rule applies.
Questions About The May Due Dates?
If you have any questions about these due dates or how they apply to you? For other due dates throughout the year, visit our calendar page. You may also call Alex Franch, BS EA at 781.849.7200. Alex is an enrolled agent with the IRS and he has the knowledge to help you work through this over taxing issue.