November 2020 tax and compliance deadlines

Congratulations; you’ve made it past the Oct. 15 filing extension deadline for tax year 2019. Whether you still have clients who weren’t able to file on time for various reasons, or are moving forward to begin preparing for tax year 2020, it’s time to get your monthly list of tax and compliance deadlines for November 2020.

In November, it’s recommended that you:

• Remind individual clients whose withholding status will change in 2021 to submit new W-4 forms to their employers.
• Remind individual clients who may have underpaid estimated taxes to increase withholding from their salary and wages to make up for a shortfall.
• Renew your preparer tax identification number.
• Register online to use IRS e-services. Preparers who anticipate filing 11 or more 1040, 1040A, 1040EZ, and 1041 returns during the year must file electronically.
• Set up tax preparation software and test e-filing. Download IRS e-file logo and order IRS e-file marketing materials. See the EFTPS Tool Kit.

Key Compliance Dates:

Monday, Nov. 2:

• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the third quarter of 2020 (if tax was deposited in full and on time, file by Nov. 10).
• Deposit FUTA tax owed through September if more than $500.

Wednesday, Nov. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Oct. 28-30.

Friday, Nov. 6 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Oct. 31-Nov. 3.

Tuesday, Nov. 10:

• File Form 941 for the third quarter of 2020 if tax for the quarter was deposited in full and on time.
• Tipped employees who received $20 or more in tips during October report them to the employer on Form 4070, Employee’s Report of Tips to Employer.

Thursday, Nov. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 4-6.

Monday, Nov. 16:

• Monthly depositors deposit FICA and withheld income tax for October.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 7-10.

Wednesday, Nov. 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 11-13.

Friday, Nov. 20 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 14-17.

Saturday, Nov. 21 – Non-filers are urged to visit the special Non-Filers: Enter Payment Info tool on IRS.gov before the Nov. 21 deadline to register for a payment.

Wednesday, Nov. 25 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 18-20.

Monday, Nov. 30 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 21-24.

Intuit® Accountants Resources:

• The November 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.