Tax Calendar: February and March 2019


FEBRUARY 2019

February 15

All businesses. Give annual information statements (Forms 1099) to recipients of certain payments you made during 2018. Payments that are covered include (1) amounts paid in real estate transactions;(2) amounts paid in broker and barter exchange transactions; and (3) substitute payments and gross proceeds paid to attorneys.

Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in January if the monthly rule applies.

Individuals. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 to continue your exemption for another year.

 

February 16

Employers. Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2018 but did not give you a new Form W-4 to continue the exemption for 2019.

 

February 28

All businesses. File paper versions of most annual information statements (Forms 1098, 1099, and others) for certain payments you made during 2018 (due date is April 1 if you are filing electronically).

 

MARCH 2019

March 15 

Partnerships. File a 2018 calendar-year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1 (Form 1065). If you want an automatic six-month extension of time to file the return and provide Schedule K-1 or a substitute Schedule K-1, file Form 7004. Then, file Form 1065 and provide each partner with a copy of their final or amended (if required) Schedule K-1 by September 16.

S corporations. File a 2018 calendar-year income tax return (Form 1120S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic six-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe. Then, file Form 1120S and provide each partner with a copy of their final or amended (if required) Schedule K-1 by September 16.

S corporation election. File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2019. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2020.

Employers. For Social Security, Medicare, withheld income tax, and nonpayroll withholding, deposit the tax for payments in February if the monthly rule applies.

Citation and resource guide

Putting stock market volatility in perspective
The yearly highs and lows of the S&P 500 Index can be found at
www.macrotrends.net/2324/sp-500-historical-chart-data

Making stock sales less taxing
The IRS explains the rules on basis calculation in Publication 550, Investment Income and Expenses (Including Capital Gains and Losses), p. 45, at
www.irs.gov/pub/irs-pdf/p550.pdf

New tax law enhances the appeal of C corporations
The IRS explains how corporations on a fiscal tax year, rather than a calendar year, may have to deal with the transition to new tax rates at
www.irs.gov/newsroom/many-corporations-will-pay-a-blended-federal-income-tax-this-year-under-the-new-tax-reform-law