May 2019 Individual Due Dates
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, 2018. The FMV of an IRA on the last day of the
prior year (Dec 31, 2018) is used to determine the required minimum
distribution (RMD) that must be taken from the IRA if you are age 70½ or older
during 2019. If you are age 70½ or older during 2019 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 2019 Business
Due DatesMay 10 – Social Security, Medicare and Withheld Income
Tax
File Form 941 for the first quarter of 2019.
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 2019. This is also the due
date for the non-payroll withholding deposit for April 2019 if the monthly
deposit rule applies