December 2020 tax and compliance deadlines

December is a great time to touch base with your clients, not only to wish them a good holiday season, but also to help them prepare for tax year 2020 filings. In the meantime, here’s your monthly list of tax and compliance deadlines for December 2020.

In December, it’s recommended that you:

• Establish tax return preparation procedures.
• Develop a tax preparation docket sheet.
• Analyze tax season staffing needs.
• Prepare tax season work assignments.
• Prepare tax preparation packets for clients.
• Review new tax developments.
• Remind individual clients of Jan. 15 due date for final 2020 estimated tax payment.
• Remind business clients of Feb. 1 due date for filing Forms W-2, 1099-MISC, and 1099-NEC.

Key Compliance Dates:

Employees whose withholding status will change in 2021 should submit a new Form W-4, Employee’s Withholding Certificate, to the employer. The new form should be submitted as early as possible to guarantee implementation of the withholding change in January.

Wednesday, Dec. 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 25-27.

Friday, Dec. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 28-Dec. 1.

Wednesday, Dec. 9 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 2-4.

Thursday, Dec. 10 – Tipped employees who received $20 or more in tips during November report them to the employer on Form 4070, Employee’s Report of Tips to Employer.

Friday, Dec. 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 5-8.

Tuesday. Dec. 15:

• Calendar-year corporations pay fourth installment of 2020 estimated tax.
• Monthly depositors deposit FICA and withheld income tax for November.

Wednesday, Dec. 16 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 9-11.

Friday, Dec. 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 12-15.

Wednesday, Dec. 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 16-18.

Monday, Dec. 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 19-22.

Wednesday, Dec. 30 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 23-25.

Intuit® Accountants Resources:

• The December 2020 calendar with filing deadlines and reminders for you and your clients.
• Key tax facts for 2020
• State tax deadlines

As always, visit Intuit Accountants for more information and training resources.