January 2023 tax and compliance deadlines

Happy New Year to you! Are you ready for 2023? We are! Here’s a list of important tax and compliance deadlines for January 2023. Be sure to share this list with your clients.

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 2022 return by Jan. 31 in lieu of making their final 2022 estimated tax payment.
• Remind business clients of information reporting requirements.

Tax compliance deadlines:

Tuesday, Jan. 3—Employers must pay 50% of the amount of the employer share of Social Security tax for 2020 that was deferred under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The remainder of the deferred tax is due by Dec. 31, 2022. This date falls on the weekend; therefore, the due date is Jan. 3, 2023.

Wednesday, Jan. 4—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 28-30.

Friday, Jan. 6—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 31-Jan. 3.

Monday, Jan. 9—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.

Wednesday, Jan. 11—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 4-6. 

Friday, Jan. 13—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 7-10. 

Monday, Jan. 16:

• Monthly depositors deposit FICA and withheld income tax for December.
• Individuals pay final installment of 2022 estimated tax. 

Individuals. Remind your individual clients to make payments of their 2022 estimated tax if they are not paying their income tax for the year through withholding (or didn’t pay in enough tax that way). Use Form 1040-ES. This is the final installment date for 2022 estimated tax payments. However, your clients don’t have to make this payment if they file their 2022 return (Form 1040 or Form 1040-SR), and pay any tax due by Jan. 31, 2023. 

Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in December 2022. 

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

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

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

Friday, Jan. 27—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 21-24. 

Tuesday, Jan. 31:

• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the fourth quarter of 2022 (if tax deposited in full and on time, file by February 10). Qualifying small employers file annual Form 944, Employer’s Annual Federal Tax Return, for 2022 (in lieu of quarterly Form 941s). 
• Employers file Form 940, Employer’s Annual Federal Unemployment Tax Return, for 2022 (if tax was deposited in full and on time, file by Feb. 10). 
• Furnish copies of Form W-2 for 2022 to employees and file Copy A with the Social Security Administration. Furnish Form 1099-NEC information returns for 2022 to payees of non-employee compensation, and file returns with the IRS.
• File Form 945, Annual Return of Withheld Federal Income Tax, for 2022 to report income tax withheld on non-payroll items. 

All employers. Give your employees their copies of Form W-2 for 2022. If an employee agreed to receive Form W-2 electronically, have it posted on a website and notify the employee of the posting.

Payers of non-employee compensation. File Form 1099-NEC for non-employee compensation paid in 2022. 

All businesses. Give annual information statements to recipients of certain payments you made during 2022. 

Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2022.

Intuit Accountants Resources:

• The January 2023 calendar with filing deadlines and reminders for you and your clients.
• IRS annual inflation adjustments for tax years 2021 and 2022.
• Key tax facts for 2022.