May 2012 Dates to Remember

May 2012 Individual Due Date Reminders

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, 2011. The FMV of an IRA on the last day of the prior year (Dec 31, 2011) is used to determine the required minimum distribution (RMD) that must be taken from the IRA if you are age 70½ or older during 2012. If you are age 70½ or older during 2012 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 2012 Business Due Date Reminders

May 10 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the first quarter of 2012. This due date applies only if you deposited the tax for the quarter in full and on time.

May 15 - Employer’s Monthly Deposit Due

If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2012. This is also the due date for the non-payroll withholding deposit for April 2012 if the monthly deposit rule applies.