January 2020 Tax Due Dates

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During 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 10

  • Employees – who work for tips. If you received $20 or more in tips during December 2019, report them to your employer. You can use Form 4070, Employee’s Report of Tips to Employer.

January 15

  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in December 2019.
  • Individuals – Make a payment of your estimated tax for 2019 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2019 estimated tax. However, you do not have to make this payment if you file your 2019 return (Form 1040 or Form 1040-SR) and pay any tax due by January 31, 2020.
  • Employers – Nonpayroll Withholding. If the monthly deposit rule applies, deposit the tax for payments in December 2019.
  • Farmers and Fisherman – Pay your estimated tax for 2019 using Form 1040-ES. You have until April 15 (July 15 in 2020) to file your 2019 income tax return (Form 1040 or Form 1040-SR). If you do not pay your estimated tax by January 15, you must file your 2019 return and pay any tax due by March 2, 2020, to avoid an estimated tax penalty.

January 31

  • Employers – 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 already deposited the tax for the year in full and on time, 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 in full and on time, 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 from 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.
  • Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2019. Deposit any undeposited tax. 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 in full and on time, you have until February 10 to file the return.
  • Employers – 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 any undeposited tax. 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 in full and on time, you have until February 10 to file the return.
  • 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.
  • Employers – Give your employees their copies of Form W-2 for 2019. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee.
  • Businesses – Give annual information statements to recipients of certain payments made during 2019. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date only applies to certain types of payments.
  • Individuals – who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040 or Form 1040-SR) for 2019 by January 31. Filing your return and paying any tax due by January 31, 2020, prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by January 31, file and pay your tax by April 15 (July 15 in 2020).

Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.