January is undoubtedly the busiest month of the year for HR and payroll departments. Dealing with employment taxes and the many forms they entail is the stuff of nightmares for busy HR workers. But the arrival of January 31 does not necessarily mean the HR staff can skate from there. There are looming deadlines from February through April as well.
We have divided those deadlines into two categories: tax compliance and ACA compliance. Please note that we specialize in both areas. If you are having trouble maintaining compliance in your own HR and payroll departments, please consider contracting your payroll and benefits administration to BenefitMall.
By January 31, your company should already have filed W-3 and 1096 forms in addition to distributing W-2s and 1099-MISC forms to employees and contractors. Now let us talk about other tax deadlines for the next three months:
Your only tax deadline in February is the February 15 deadline for depositing monthly payroll taxes.
March 15 brings three tax deadlines to worry about. First is your monthly payroll tax deposit. Next, March 15 is the date that S Corporation income tax returns are due. Returns are filed using form 1120-S. Finally, partnerships must also file their tax returns via form 1065 by March 15.
There are two deadline dates in April: the 15th and 30th. Here are the things due on April 15:
- Monthly payroll tax deposit
- Small business Schedule C filed with personal tax returns
- Corporate income tax returns via form 1120
- First quarter estimated taxes
- Extension requests for personal, partnership, LLC, and corporate tax returns.
Assuming your company files quarterly federal tax returns, April 30 is the deadline to submit form 941. The IRS grants an additional 10 days to companies that have previously made all required 2018 tax payments in full and on time.
The deadlines listed below pertain to maintaining regulatory compliance with the Affordable Care Act. Note that any deadlines you may have pertaining to other benefits packages may differ from the dates listed below.
February 28 is the deadline for filing paper forms 1094-B, 1095-B, 1094-C, in 1095-C. All four forms relate to demonstrating that your company has offered qualifying health insurance for the 2018 tax year. The 1095 forms detail health insurance coverage while 1094 forms are transmittal forms only.
There are two dates to remember in March, beginning with March 1. This is the date on which employers are required to report whether or not the drug benefits they offer to employees are creditable to Medicare. The report is made to the Centers for Medicare & Medicaid Services (CMS) via an online questionnaire.
By March 31, employers that self-insure are required to report their minimum essential coverage under sections 6055 and 6056 of the IRS code. Reporting is accomplished via 1094 in 1095 forms.
Any 1094 in 1095 forms filed electronically are not due until April 1. This is one of the benefits of filing electronically rather than relying on paper forms. The only other filings due in April are tax related, as previously discussed.
As you can see, tax and ACA compliance continue long after January 31. There are a variety of reports and forms that must be filed from February through April. If all of this is confusing to you, know that you are not alone. Our complex regulatory environment makes keeping track of tax and ACA compliance a real challenge. Know that BenefitMall is here to help you if you are having trouble keeping up.