May 2019 Due Dates

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 Dates

May 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.


Isler Northwest LLC is a firm of certified public accountants and business advisors based in Portland, Oregon. Our local, regional, and global resources, our expertise, and our emphasis on innovative solutions and continuity create value for our clients. Our service goals at Isler Northwest is to earn our clients trust as their primary business and financial advisors.

Isler Northwest

(503) 224-5321

1300 SW 5th Avenue
Suite 2900
Portland, Oregon 97201

Making Two IRA Rollovers in One Year Can Be Costly

Article Highlights:

 One Rollover per Year Rule

  • Exceptions
  • Tax Consequences
  • Disqualified Rollover
  • Early Withdrawal Penalty

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Understanding Tax-Deferred Investing

Article Highlights:

  • Income Deferral
  • Earnings Deferral
  • Individual Retirement Accounts
  • Retirement Accounts
  • Bank Savings
  • Short- and Long-Term Capital Gains
  • Education Savings Accounts
  • Health Savings Accounts

When you are attempting to save money for your children’s future education or your retirement, you may do so in a number of ways, including investing in the stock market, buying real estate for income and appreciation, or simply putting money away in education savings accounts or retirement plans.

Knowing how these various savings vehicles are taxed is important for choosing the ones best suited to your particular circumstances. Let’s begin by examining the tax nuances of IRA accounts.

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Not Using QuickBooks Online? What You’re Missing Out On

If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook.

 How long would it take you to determine:

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  • Whether or not your business is profitable as of today?
  • How much you’ve sold every month this year?
  • Which invoices are overdue?

If you’re using QuickBooks Online, you can get answers to all those questions—and more—in the time it takes you to sign on to the website.

That’s not an exaggeration. The first thing QuickBooks Online displays is what’s called its Dashboard. This is the site’s home page, which contains an array of charts and account balances that provide a quick overview of your finances. Click on an element here—say, a checking account balance—and you’ll be able to drill down and see the details behind it (in this case, an online account register). Click on the Expense graph, and a transaction report opens.

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Kiddie Tax No Longer Based on Parents’ Tax Rate

Article Highlights:

  • Parents Attempting to Shift Income to Children
  • Kiddie Tax
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4 Money Lessons Every Teenager Needs to Know

Article by Katherine Vasel | Found on CNN

It’s time to talk to your teenager about money.

The teen years may be the first time kids start to earn their own money. And establishing good habits now can pay dividends well into their future.

Plus, teaching kids to be smart about money will have benefits for parents too.

“Clients that have been more transparent with their kids tend to have children that are smarter with money,’ said Bill Van Sant, a certified financial planner and senior vice president at Univest Wealth Management. “Parents that may not be as transparent tend to have children that stay in the house a little longer.” Read more

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Is Your Credit Score Affecting Your Quality of Life?

Article by Anna Johansson | Found on NBC

The American dream is usually characterized as working hard from the bottom up, making a good salary, buying a house and having time to create and enjoy your family life. But the vision doesn’t always come together so neatly; despite strong buyer demand, the inventory of affordable, available starter homes is relatively low, and to secure a mortgage, you need a strong credit score — something that not all Americans have or understand. Read more

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3 Tips to Getting Retirement Right in Your 20s

Article by Walter Updegrave | Found on CNN

I’m in my 20s and would like to start taking steps to ensure a secure retirement and financial future. But like many people in my generation I’m confused about where to start, who to contact and what to do. Can you point me in the right direction? –S.V.

I’m not surprised that you’re confused. Now that your generation has become a prime target audience for the financial industry’s products and services, hardly a day goes by that one study or another doesn’t purport to offer insights into what Millennials are doing, should be doing or shouldn’t be doing about their finances. Read more

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Improving Your Relationship With Money In 2018

Article by Michael F. Kay | Found on Forbes

The turning of the calendar year is traditionally a time when you feel inspired by the possibilities of a new start, a new beginning, and the onset of positive change. It can be a time that is empowering, energetic and life supporting; it can forever alter the trajectory towards a more successful money life. Read more

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5 Money Mistakes to Avoid in the New Year

Article by Anna Bahney | Found on CNN

We’ve got a much easier approach.

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