Tax Law and News February 2020 Tax and Compliance Deadlines Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Mar 9, 2020 2 min read Tax season brings many opportunities for you to connect with your clients. Along the way, don’t forget to let them know about important tax and compliance deadlines. Here’s your list for February 2020. In February, it’s recommended that you: Send reminders to individual clients who have not returned their tax preparation packets or scheduled appointments. Review the pros and cons of S corporation election with eligible corporate clients. Remind partnerships of the March 15 return filing deadline. Key Compliance Dates: Wednesday, Feb. 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 29-31. Friday, Feb. 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 1-4. Monday, Feb. 10: Employers file Form 941, Employer’s Federal Quarterly Tax Return, for fourth quarter of 2019 if tax for the quarter was deposited in full and on time. Tipped employees who received $20 or more in tips during January report them to employers on Form 4070, Employee’s Report of Tips to Employer. Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2019 if tax for the year was deposited in full and on time. Wednesday, Feb. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 5-7. Friday, Feb. 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 8-11. Monday, Feb. 17 – Claims for 2019 exemption from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2020. Tuesday, Feb. 18 – Semiweekly depositors deposit FICA and withheld income tax for January. Thursday, Feb. 20 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 12-14. Friday, Feb. 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 15-18. Wednesday, Feb. 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 19-21. Friday, Feb. 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 22-25. Intuit® ProConnect™ Resources: The February 2020 Calendar with filing deadlines and reminders for you and your clients. Key Tax Facts for 2019. Key Tax Developments for 2019. As always, visit Intuit ProConnect for more information and training resources. Previous Post Quick Reference Guide to Content for Tax Year 2019 Next Post IRS Annual Inflation Adjustments for Tax Years 2019 and 2020 Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Practice Management Why you should care about green cloud computing Practice Management Consultant spotlight: Steven G. Advisory Services Understanding your client’s relationship with mon… Practice Management Consultant spotlight: Jonathan Lovitt Practice Management ProConnect™ Tax spotlight: Megan Leesley, CPA Tax Law and News Boo! Extension season horror stories Tax Law and News Tax relief for victims of Hurricane Milton Practice Management Tax Season Readiness virtual conference—Nov. 13-14 Practice Management Lacerte® Tax spotlight: Tania Santos, EA Tax Law and News How to renew your PTIN