January 2011 tax due dates

By Jan. 1, 2011

·    Process W-4s submitted for 2011 before the first wage payment. (Reminder: With elimination of the advance EITC for 2011, the W-5 is eliminated.)

·    Do not make another EITC payment to any employee.

By Jan. 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 SS-taxable and Medicare-taxable wages reported on 2010 quarterly 941s (or the annual 944) equal the totals of 2010 W-2s to be distributed.

·    Have by today from third parties that made short- or long-term disability payments their 2010 payment and withholding data.

By Jan. 20, 2011

·    In DC, Form 2010 FR-900B due today or within 20 days of final payroll. If 50 or fewer W-2s, attach them.

By Jan. 31, 2011

·    W-2 copies B, C and 2 must be in employees’ possession or postmarked or available on a Web site (by Feb. 15, 2011, in NE, NJ, NY and WV).

·    Have 1099-MISC, copies B, C and 2 for ICs you paid at least $600 for tax year 2010 postmarked or available online.

·    In ID, annual filers file payment with reconciliation Form 956.

·    Postmark 1099-R copies B, C and 2 for pension, retirement, profit-sharing, IRA, insurance or other distribution recipients.

By January 31, 2011

·    State copy of the annual reconciliation due in CA (employee information is filed quarterly on the DE 6), DC, KY, MS (if filing by paper), PA, PR, and WI.  For MS, W-2s filed magnetically are due Feb. 28.

·    Form 941 or Form 944 due.

·    Form 940 due, unless all FUTA taxes were timely paid in 2010.

·   Form 945 due, to report non-payroll income tax.

About the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.