Tax Law and News December 2020 tax and compliance deadlines Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Dec 3, 2020 2 min read December is a great time to touch base with your clients, not only to wish them a good holiday season, but also to help them prepare for tax year 2020 filings. In the meantime, here’s your monthly list of tax and compliance deadlines for December 2020. In December, it’s recommended that you: Establish tax return preparation procedures. Develop a tax preparation docket sheet. Analyze tax season staffing needs. Prepare tax season work assignments. Prepare tax preparation packets for clients. Review new tax developments. Remind individual clients of Jan. 15 due date for final 2020 estimated tax payment. Remind business clients of Feb. 1 due date for filing Forms W-2, 1099-MISC, and 1099-NEC. Key Compliance Dates: Employees whose withholding status will change in 2021 should submit a new Form W-4, Employee’s Withholding Certificate, to the employer. The new form should be submitted as early as possible to guarantee implementation of the withholding change in January. Wednesday, Dec. 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 25-27. Friday, Dec. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 28-Dec. 1. Wednesday, Dec. 9 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 2-4. Thursday, Dec. 10 – Tipped employees who received $20 or more in tips during November report them to the employer on Form 4070, Employee’s Report of Tips to Employer. Friday, Dec. 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 5-8. Tuesday. Dec. 15: Calendar-year corporations pay fourth installment of 2020 estimated tax. Monthly depositors deposit FICA and withheld income tax for November. Wednesday, Dec. 16 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 9-11. Friday, Dec. 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 12-15. Wednesday, Dec. 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 16-18. Monday, Dec. 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 19-22. Wednesday, Dec. 30 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 23-25. Intuit® Accountants Resources: The December 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. Previous Post 2021 Tax Rates Quick Reference Guide: Tax Brackets, Tax Tables… Next Post Business Meals Deduction for 2020: 100% Fully Deductible Meals Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team 2 responses to “December 2020 tax and compliance deadlines” Have 2020 Ohio Income Tax Forms been issued? Hi Timothy, Yes, they have been issued; however, due to new legislation this week the forms are changing slightly and will be available in early January. Thank you! Browse Related Articles Practice Management Intuit® Tax Council Profile: Shahab Maslehati Workflow tools Why we talk so much about QuickBooks® Online Advisory Services How tax pros work with controllers vs CFOs Advisory Services Helping clients with healthcare planning Practice Management Reshaping accounting: Millennials and Gen Zs Tax Law and News Tax relief for victims of Hurricane Helene Workflow tools 3 guides to moving your clients to QuickBooks® Online Practice Management Intuit introduces Intuit® Enterprise Suite Practice Management Partnering to power prosperity: Intuit and the accounti… Advisory Services 7 Intuit® Tax Advisor updates
Hi Timothy, Yes, they have been issued; however, due to new legislation this week the forms are changing slightly and will be available in early January. Thank you!