Keep your eye on this 2020 tax calendar. Otherwise, you may miss any deadlines that could trigger penalties. Or cause the loss of time-saving opportunities.
2020 Tax Calendar Income Tax Returns
Not all types of businesses have the same filing deadline for their income tax returns:
- If you are a calendar-year partnership or limited liability company with two or more members, Form 1065 for 2019 is due by March 15, 2020.
- If you are an S corporation, Form 1120-S is also due by March 15, 2020.
- Are you a calendar-year C corporation? Then your Form 1120 for 2019 is due on April 15, 2020.
- The filing deadline for your personal income tax return, Form 1040 or 1040-SR, including Schedule C for your sole proprietorship or Schedule F for your farming business, is due on April 15, 2020.
If you cannot file the return by the applicable due date on the 2020 tax calendar, an automatic 6-month filing extension is available. The request is filed by the return’s due date.
Employment Tax Returns
Form 941
Form 941 is an employer’s quarterly federal return for withholding and Social Security and Medicare (FICA) taxes.
For the final quarter of 2019 is due January 31, 2020.
The due dates for Form 941 for 2020 are the end of the month following the close of the quarter to which the form relates:
- April 30, 2020, July 31, 2020
- November 2, 2020 (October 31 is a Saturday)
- February 1, 2021 (January 31 is a Sunday)
If taxes have been timely deposited in full, the due date is extended to the 10th day of the second month following the end of the quarter (e.g., May 10 for the first quarter if taxes have been deposited in full).
Form 944
If you have been filing the annual Form 944 (the 2019 form is due on January 31, 2020) instead of the quarterly Form 941 and need to switch for 2020 because you expect payments for the year to exceed $2,500, you can’t simply do this on your own. You have to get the IRS’s approval. You have until April to contact the IRS and request a change by calling 800-829-4933.
Form 940
For federal unemployment tax, do an annual filing. The due date for filing Form 940 for 2019 is January 31, 2020. However, if you deposited all your FUTA tax when it was due, you can file Form 940 by February 10, 2020.
Estimated Taxes
If you are self-employed (sole proprietor, independent contractor, partner, or LLC member) and pay estimated taxes, the final installment of estimated tax for 2019 is due January 15, 2020.
The payment due dates for 2020 are:
- April 18, 2020
- June 15, 2020
- September 15, 2020
- January 15, 2021
The final payment does not have to be made if the income tax return is filed by January 31.
There’s a special estimated tax rule for farmers and fishermen who are on a calendar year and receive at least two-thirds of their gross income this year or last from farming or fishing. They only have to make one estimated tax payment for the year (e.g., their 2020 estimated tax payment is due January 15, 2021).
Don’t send the first installment for 2020 with your 2019 income tax return.
You can avoid late payments because you’re traveling or simply forget by scheduling estimated taxes for Form 1040 or 1040-SR in advance. You can do this up to 365 days in advance if you opt to pay through EFTPS.gov. Find out more about EFTPS.gov in IRS Publication 966.
Information Returns
Provide employees with W-2s. Independent contractors get 1099-MISCs for 2019 services by January 31, 2020. (Note that for services by independent contractors in 2020, the form to use is 1099-NEC, which replaces 1099-MISC for this purpose.)
January 31 is also the date that transmittals of these forms are due to the Social Security Administration (for W-2s) and the IRS (for 1099-MISCs showing nonemployee compensation).
Ask for a 30-day filing extension. Do this by submitting Form 8809 by January 31. But realize it will only be granted in extreme situations. For example, you suffered a catastrophic event in a federally declared disaster area. Or you experienced a fire, casualty or other natural disaster. Other examples of situations in which an extension might be granted include illness, death or unavoidable absence of the person responsible for filing the forms. File as soon as possible to minimize late filing penalties.
Employee Benefit Notices
Do you plan to offer employee benefit programs? Examples might include a 401(k) plan or an Individual Coverage Health Reimbursement Arrangement (ICHRA). Then provide certain notice to employees about their eligibility to participate and other matters. Some examples:
- For 401(k)s that begin on January 1, 2021, notice must be given no later than December 2, 2020. That’s 30 days before the start of the year. Notice can be given up to 90 days before the start of the year.
- For ICHRAs that begin on January 1, 2020, notice is required at least 90 days before the beginning of the ICHRA’s plan year. ICHRAs are new for 2020. So they may not necessarily begin on January 1. Watch the 90-day notice requirement.
If you want a more detailed view of 2020 for employment tax returns, here is the full rundown.
First Quarter
The first quarter of a calendar year is made up of January, February, and March.
January
All employers
Give your employees their copies of Form W-2 for 2019 by January 31, 2020. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee of the posting by January 31.
January 15
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in December 2019.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in December 2019.
January 31
All employers
Give your employees their copies of Form W-2 for 2019. If an employee agreed to receive Form W-2 electronically, have it posted on a website and notify the employee of the posting.
File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2019.
Payers of nonemployee compensation
File Form 1099-MISC for nonemployee compensation paid in 2019.
Payers of gambling winnings
If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W-2G.
Nonpayroll taxes
File Form 945 to report income tax withheld for 2019 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
Social security, Medicare, and withheld income tax
File Form 941 for the fourth quarter of 2019. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until February 10 to file the return.
Certain small employers
File Form 944 to report social security and Medicare taxes and withheld income tax for 2019. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more for 2019 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
Farm employers
File Form 943 to report social security and Medicare taxes and withheld income tax for 2019. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
Federal unemployment tax
File Form 940 for 2019. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
February
February 10
Nonpayroll taxes
File Form 945 to report income tax withheld for 2019 on all nonpayroll items. This due date applies only if you deposited the tax for the year timely, properly, and in full. Social security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2019. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
Social security, Medicare, and withheld income tax
File Form 941 for the fourth quarter of 2019. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
Certain small employers
File Form 944 to report social security and Medicare taxes and withheld income tax for 2019. This due date applies only if you deposited the tax for the year timely, properly, and in full. Farm employers. File Form 943 to report social security and Medicare taxes and withheld income tax for 2019. This due date applies only if you deposited the tax for the year timely, properly, and in full. Federal unemployment tax. File Form 940 for 2019. This due date applies only if you deposited the tax for the year timely, properly, and in full.
February 18
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in January.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in January.
February 19
All employers
Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2019, but didn’t give you Form W-4 (or Form W-4(SP), its Spanish version) to continue the exemption this year.
February 28
Payers of gambling winnings
File Form1096 along with Copy A of all the FormsW-2G you issued for 2019.If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms remains January 31.
Health coverage reporting
If you’re an Applicable Large Employer, file paper Forms 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and 1095-C with the IRS. For all other providers of minimum essential coverage, file paper Forms 1094-B, Transmittal of Health Coverage Information Returns, and 1095-B with the IRS. If you’re filing any of these forms with the IRS electronically, your due date for filing them will be extended to March 31. See the Instructions for Forms 1094-B and 1095-B and the Instructions for Forms 1094-C and 1095-C for more information about the information reporting requirements.
March
March 2
Health coverage reporting
If you’re an Applicable Large Employer, provide Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage, to responsible individuals. See the Instructions for Forms 1094-B and 1095-B and the Instructions for Forms 1094-C and 1095-C for more information about the information reporting requirements.
Large food and beverage establishment employers
File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit paper Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.
March 16
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in February.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in February.
March 31
Electronic filing of Forms W-2G.
File copies of all the Forms W-2G you issued for 2019. This due date applies only if you electronically file. Otherwise, see February 28, earlier.
The due date for giving the recipient these forms remains January 31.
For information about filing Forms W-2G electronically, see Pub. 1220.
Electronic filing of Forms 8027
File Forms 8027 for 2019. This due date applies only if you electronically file. Otherwise, see March 2, earlier.
Electronic filing of Forms 1094-C and 1095-C and Forms 1094-B and 1095-B
If you’re an Applicable Large Employer, file electronic Forms 1094-C and 1095-C with the IRS. For all other providers of minimum essential coverage, file electronic Forms 1094-B and 1095-B with the IRS. Otherwise, see February 28, earlier.
Second Quarter
The second quarter is made up of April, May, and June.
April
April 15
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in March.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in March.
Household employers
If you paid cash wages of $2,100 or more in 2019 to a household employee, you must file Schedule H (Form 1040 or 1040-SR). If you’re required to file a federal income tax return (Form 1040 or Form 1040-SR), file Schedule H (Form 1040 or 1040-SR) with the return and report any income tax withholding and FICA taxes.
Household employment taxes
Report any federal unemployment (FUTA) tax on Schedule H (Form 1040 or 1040-SR) if you paid total cash wages of $1,000 or more in any calendar quarter of 2018 or 2019 to household employees. Also, report any income tax you withheld for your household employees. For more information, see Pub. 926.
April 30
Social security, Medicare, and withheld income tax
File Form 941 for the first quarter of 2020. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until May 11 to file the return.
Federal unemployment tax
Deposit the tax owed through March if more than $500.
May
May 11
Social security, Medicare, and withheld income tax
File Form 941 for the first quarter of 2020. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
May 15
Social security, Medicare, and withheld income tax.
If the monthly deposit rule applies, deposit the tax for payments made in April.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in April.
June
June 15
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in May.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in May.
Third Quarter
The third quarter of a calendar year is made up of July, August, and September.
July
July 15
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in June.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in June.
July 31
Social security, Medicare, and withheld income tax
File Form 941 for the second quarter of 2020. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until August 10 to file the return.
Certain small employers
Deposit any undeposited tax if your tax liability is $2,500 or more for 2020 but less than $2,500 for the second quarter.
Federal unemployment tax
Deposit the tax owed through June if more than $500.
All employers
If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2019. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends. For more information on filing these forms, go to IRS.gov/ Form5500.
August
August 10
Social security, Medicare, and withheld income tax
File Form 941 for the second quarter of 2020. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
August 17
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in July.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in July.
September
September 15
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in August.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in August.
Fourth Quarter
The fourth quarter of a calendar year is made up of October, November, and December.
October
October 15
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in September.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in September.
November
November 2
Social security, Medicare, and withheld income tax
File Form 941 for the third quarter of 2020. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until November 10 to file the return.
Certain small employers
Deposit any undeposited tax if your tax liability is $2,500 or more for 2020 but less than $2,500 for the third quarter. Federal unemployment tax. Deposit the tax owed through September if more than $500.
During November
Income tax withholding
Encourage employees to fill out a new Form W-4 or Form W-4(SP) for 2021 if they experienced any personal or financial changes (for example, changes to filing status, number of jobs, other income, deductions, or credits). The 2021 revision of Form W-4 will be available at IRS.gov/FormW4 by mid-December. Encourage your employees to use the IRS Tax Withholding Estimator available at IRS.gov/ W4App.
November 10
Social security, Medicare, and withheld income tax
File Form 941 for the third quarter of 2020. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.
November 16
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in October.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in October.
December
December 15
Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments made in November.
Nonpayroll withholding
If the monthly deposit rule applies, deposit the tax for payments made in November.
Conclusion
View an online calendar from the IRS. Alternatively, subscribe to receive calendar alerts from the IRS. Also, include the dates for state tax obligations (e.g., state unemployment insurance).
Keep your eye on this 2020 tax calendar. Otherwise you may miss any deadlines that could trigger penalties. Or cause the loss of time-saving opportunities.
Image: Depositphotos.com
Aira Bongco
This came just in time. As the year closes, there is more of a need for activities like these.