July 2020 tax and compliance deadlines

We’re doing more this month than celebrating our nation’s birthday; due to COVID-19, several important tax deadlines were moved to July. Here’s your list of tax and compliance deadlines for July 2020.

Key Compliance Dates:

Wednesday, July 1 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on June 24-26.

Monday, July 6 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on June 27-30.

Wednesday, July 8 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 1-3

Friday, July 10:

• Tipped employees who received $20 or more in tips during June report them to their employer on Form 4070, Employee’s Report of Tips to Employer.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 4-7.

Wednesday, July 15:

• Individuals file 2019 returns (Form 1040); alternatively, file for an automatic extension to October 2020 (Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return).
• Calendar-year C corporations file 2019 returns on Form 1120, U.S. Corporation Income Tax Return; alternatively, file for an automatic extension.
• Individuals and calendar-year corporations pay 2020 estimated taxes for the first and second quarters of 2020.
• Monthly depositors deposit FICA and withheld income tax for June.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 8-10.

Friday, July 17 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 11-14.

Wednesday, July 22 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 15-17.

Friday, July 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 18-21.

Wednesday, July 29 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 22-24.

Friday, July 31:

• File Form 941, Employer’s Quarterly Federal Tax Return, for the second quarter of 2020 (if tax deposited in full and on time, file by Aug. 10).
• File 2019 Form 5500, Annual Return/Report of Employee Benefit Plan, or 5500-EZ, Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan, for calendar-year retirement and benefit plans.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 25-28.
• Deposit FUTA tax owed through June if more than $500.

Intuit® Accountants Resources:

• Key tax facts for 2020
• State tax deadlines

As always, visit Intuit Accountants for more information and training resources.