Major Employment Tax Deadlines in 2020 - Lake Stevens Tax Service

Handling employment taxes can be complicated, especially when you’re required to file important tax documents throughout the year. Here’s a list of key forms and deadline dates to help keep you on track.

Form 941 — Employer’s Quarterly Federal Tax Return

This form is used to report income tax withheld from employees’ pay and both the employer’s and employees’ share of Social Security and Medicare taxes.

Employers generally must deposit Form 941 payroll taxes on either a monthly or semiweekly deposit schedule. There are exceptions if you owe $100,000 or more on any day during a deposit period, if you owe $2,500 or less for the calendar quarter, or if your estimated annual payroll tax liability is $1,000 or less.

Monthly depositors are required to deposit payroll taxes accumulated within a calendar month by the 15th of the following month.
Semiweekly depositors generally must deposit payroll taxes on Wednesdays or Fridays, depending on when wages are paid.

Return filing deadlines:

Jan. 31, 2020 – Due date for filing Form 941 for the fourth quarter of 2019. If you deposited your taxes in full and on time, you have until Feb. 10, 2020, to file this return.
April 30, 2020 – Due date for filing Form 941 for the first quarter. If you deposited your taxes in full and on time, you have until May 11, 2020, to file this return.
July 31, 2020 – Due date for filing Form 941 for the second quarter. If you deposited your taxes in full and on time, you have until Aug. 10, 2020, to file this return.
Nov. 1, 2020 – Due date for filing Form 941 for the third quarter. If you deposited your taxes in full and on time, you have until Nov. 10 to file this return.

Form 940 — Employer’s Annual Federal Unemployment Tax Return (FUTA)

This return is due annually. However, FUTA tax must generally be deposited once a quarter if the accumulated tax exceeds $500.

Jan. 31, 2020 – Due date for filing 2019 Form 940. If you deposited your taxes in full and on time, you have until Feb. 10, 2020, to file this return. This day is also the deadline for depositing federal unemployment tax for October, November and December 2019.
April 30, 2020 – Deadline for depositing federal unemployment tax for January, February and March 2020.
July 31, 2020 – Deadline for depositing federal unemployment tax for April, May and June 2020.
Nov. 1, 2020 – Deadline for depositing federal unemployment tax for July, August and September 2020.

Form W-2 — Wage and Tax Statement

Employers are required to send this document to each employee and the IRS at the end of the year. It reports employee annual wages and taxes withheld from paychecks.

Jan. 31, 2020 – Due date for employers to provide 2019 Forms W-2 to employees, and for employers to send copies of 2019 W-2s to the Social Security Administration, whether filing electronically or with paper forms.

Get Expert Tax Advice

There’s a lot to think about when it comes to tax planning. That’s why it often makes sense to talk to a tax professional who can evaluate your situation and help you determine if any year-end moves make sense for you.

Contact Lake Stevens Tax Service or call us at (425) 334-8138 with any questions about these important tax tips that you can use now to save money!