Business Tax Requirements for February

Hello everyone, welcome to February. This is not a very active month from the point of view of fiscal compliance. Here are the most common compliance issues for you to keep in mind.  

  1. Tip reporting. The first thing that people often ignore is tipping. If you have employees and employees pay tipping, they have an obligation to report to you the amount of tips they received either in cash or on a card. The only people who are excluded from reporting this are those who earn less than $20 a month in tips. Due Date: February 11. 

  2. Non-Employee Withholdings. If you made non-employee withholdings from payments made to anyone who is not an employee, you must report these amounts and submit the return. Due Date is February 11

  3. Employee retention. It is very important that if you did withhold the employees, pay them and send the respective forms. If you do not send these payments, you can be personally responsible. Due Date is February 15th. 

  4. Renewal of exemption from personal withholdings. If you have employees, and your employees asked for an exemption so they would not tax withhold, these people have to give you a new form W-4 new where they tell you that the exemption still applies for them. Due Date February 15.

  5. Obamacare. you give health insurance to your employees, you should give health insurance payment certificates to your employees. It is important to deliver this certificate to your employees. It's the Obamacare certificate. The Due Date is February 28th. 

  6. Estimated corporate tax. The estimated state of Florida C Corporation income tax payment must be sent. February 28th. 

  7. Specialized Industries (Excise Tax). If you are involved in a specialized industry such as betting, use of heavy vehicles, liquor tax, tobacco tax, card rooms, wagering, telecommunications, oil, gas, utilities, and contaminants.  The due date is February 28th. 

  8. Annual Report Delaware. Delaware corporations must renew the annual report and pay the franchise tax. The due date is March 1. 

If I may, I would suggest, regardless of when you are planning to file your tax returns, whether personal or business, that will fill the extension. The headache that saves is tremendous.