2020 Q1 KEY TAX DEADLINES FOR YOUR BUSINESS

January 22, 2020 | Katherine Waters

Here are a few key tax-related deadlines that you should keep in mind at the start of this year. Please note that this is not an all-inclusive list. There may be additional deadlines that apply to you or your business.

JANUARY 31

File W-2 Forms “Wage and Tax Statement.” You should provide a copy to your employees as well as file a copy with the Social Security Administration.

Complete the 1099-MISC “Miscellaneous Income” forms and provide them to individuals who received income from your business throughout the year when required.

File Forms 1099-MISC demonstrating the compensation payments for nonemployees that will go into Box 7 with the IRS.

File the 2019 Form 940 “Employer’s Annual Federal Unemployment (FUTA) Tax Return.” Please be aware that if all payments are made timely the form itself can be filed as late as February 10th. This does not extend the time to pay which is still January 31st.

        o There are a couple of things to note on this form. If the amount of undeposited tax is $500 or less, you have the option to either deposit the amount or include the payment with the return. If the amount is greater than $500, then you must deposit it. If you deposit the liability due for the year on time and in a single payment, then you have until February 10th to file the return.   

File 2019 Form 941 “Employer’s Quarterly Federal Tax Return” to report income that is withheld from the employees for the purposes of Medicare, income taxes and Social Security. Please be aware that if all payments are made timely the form itself can be filed as late as February 10th. This does not extend the time to pay which is still January 31st.

      o If the total tax due is less than $2,500, you have the option of paying it in single payment with the return if the return is filed in a timely manner. If you deposit the liability due for the year on time and in a single payment, then you have until February 10th to file the return.   

File the 2019 Form 945 “Annual Return of Withheld Federal Income Tax” reporting the amount withheld for federal income tax purposes on nonpayroll payments and withholding on certain accounts. For example, this includes pensions, annuities, and IRAs. Please be aware that if all payments are made timely the form itself can be filed as late as February 10th. This does not extend the time to pay which is still January 31st.

      o If the total tax due is less than $2,500, you have the option of paying it in a single payment with the return if the return is filed in a timely manner. If you deposit the liability due for the year on time and in a single payment, then you have until February 10th to file the return.   

File the 2019 Form 1096 “Annual Summary and Transmittal of U.S. Information Returns.” The purpose of filing this form is to transmit paper forms 1097, 1098, 1099, 3921, 3922, 5498, and W-2G to the IRS. The appropriate forms will need to be filed along with the 1096.

FEBRUARY 28

File Form 1099-MISC with the IRS if it meets these two criteria (otherwise, these forms can be filed on the March 31st deadline):

      1. It was not necessary to file them earlier.

      2. You are filing with paper copies.

MARCH 15

• A calendar year-based partnership or S-Corporation needs to file or extend the 2019 tax return and pay any tax liability that is due by this date. Please be aware that this is also the last day to make contributions to pension and profit-sharing plans for the year of 2019 if the return is not extended.

Please contact a tax professional if you have any questions or need assistance with meeting the deadlines.

Top