January 2020 Tax and Compliance Deadlines

Happy New Year! Now that we’re in January, there are only a few weeks until the official start of tax season. To get you prepared and make sure you’re ready, here is your list of tax and compliance deadlines for January.

In January, it’s recommended that you:

• Send tax preparation packets and tax data organizers to individual clients.
• Alert individual clients to the option of filing the 2019 return by Jan. 31 in lieu of making the final 2019 estimated tax payment.
• Remind business clients of information reporting requirements.

Key Compliance Dates:

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

Monday, Jan. 6 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 28-31.

Wednesday, Jan. 8 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 1-3.

Friday, Jan. 10:

• Tipped employees who received $20 or more in tips during December report them to their employers on Form 4070, Employee’s Report of Tips to Employer.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 4-7.

Wednesday, Jan. 15:

• Monthly depositors deposit FICA and withheld income tax for December.
• Individuals pay final installment of 2019 estimated tax.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 8-10.

Friday, Jan. 17 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 11-14.

Thursday, Jan. 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 15-17.

Friday, Jan. 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 18-21.

Wednesday, Jan. 29 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 22-24.

Friday, Jan. 31:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 25-28.
• Employers file Form 941, Employer’s Federal Quarterly Tax Return, for fourth quarter 2019 (if tax deposited in full and on time, file by Feb. 10).
• Qualifying small employers file annual Form 944, Employer’s Annual Federal Tax Return, for 2019 (in lieu of quarterly Form 941).
• Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2019 (if tax was deposited in full and on time, file by Feb. 10).
• Furnish copies of Form W-2 for 2019 to employees.
• Employers file Copy A of all Forms W-2 issued for 2019 with the Social Security Administration. Paper Forms W-2 should be accompanied by Form W-3.
• Furnish information returns to payees for payments made in 2019.
• File information returns with the IRS for nonemployee compensation paid in 2019.
• Individuals file individual income tax return for 2019 in lieu of their Jan. 15 estimated tax payment.
• File Form 945, Annual Return of Withheld Federal Income Tax, for 2019 to report income tax withheld on non-payroll items.

Intuit® ProConnect™ Resources:

• The January 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.