December 2022 tax and compliance deadlines

Are you ready for the holidays? We hope you, your families, and friends have a safe and happy holiday season. Along the way, don’t forget to pay attention to some important tax and compliance deadlines for December 2022. Be sure to share this list with your clients.

In December, it’s recommended that you:

• Establish tax return preparation procedures for the upcoming tax season.
• Prepare engagement letters for the upcoming year.
• Follow up with clients for any last-minute tax planning opportunities.
• Prepare tax season work assignments.
• Review new tax developments.
• Remind individual clients of Jan. 16 due date for fourth and final 2022 estimated tax payment.
• Remind business clients of Jan. 31 due date for filing informational returns (W-2s, 1099s).

Tax compliance deadlines:

Friday, Dec. 2—Semiweekly depositors deposit FICA and withheld income tax on wages paid on November 26-29.

Wednesday, Dec. 7—Semiweekly depositors deposit FICA and withheld income tax on wages paid on November 30-Dec. 2.

Friday, Dec. 9—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 3-6.

Monday, Dec. 12—Tipped employees who received $20 or more in tips during November report them to the employer on Form 4070, Employees Report of Tips to Employer.

Wednesday, Dec. 14:

• Monthly depositors deposit FICA and withheld income tax for November.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 7-9.

Thursday, Dec. 15:

• Corporations. Deposit the fourth installment of estimated income tax for 2022. A worksheet, Form 1120-W, Estimated Tax for Corporations, is available to help you estimate your tax for the year.
• Social Security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments made in November.

Friday, Dec. 16—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 10-13.

Wednesday, Dec. 21—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 14-16.

Friday, Dec. 23—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 17-20.

Thursday, Dec. 29—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 21-23.

Friday, Dec. 30—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 24-27.

Saturday, Dec. 31—Employers must pay 50% of the amount of the employer share of Social Security tax for 2020 that was deferred under the CARES Act. The remainder of the deferred tax is due by Dec. 31, 2022. Since this date falls on a weekend, the due date is Jan. 3, 2023.

Intuit Accountants Resources:

• The December 2022 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.