• monica4867

November 2020 Individual Due Dates

November 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.


November 2020 Business Due Dates


November 2 - Social Security, Medicare and Withheld Income Tax


File Form 941 for the third quarter of 2020. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter in full and on time, you have until November 10 to file the return.


November 2 - Certain Small Employers


Deposit any undeposited tax if your tax liability is $2,500 or more for 2020 but less than $2,500 for the third quarter.


November 2 - Federal Unemployment Tax


Deposit the tax owed through September if more than $500.


November 10 - Social Security, Medicare and Withheld Income Tax


File Form 941 for the third quarter of 2020. This due date applies only if you deposited the tax for the quarter in full and on time.


November 16 - Social Security, Medicare and Withheld Income Tax If the monthly deposit rule applies, deposit the tax for payments in October. November 16 - Nonpayroll Withholding If the monthly deposit rule applies, deposit the tax for payments in October.


0 views0 comments

Recent Posts

See All

Writing Off Your Business Start-Up Expenses

Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expense

Tax Filing Deadlines Are Rapidly Approaching

Article Highlights: Filing Due Date Balance due payments Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2021 Individual refund claims for tax year 2017 Just

Easily Check the Status of Your Refund

Article Highlights: Your Federal Tax Refund Status Can Be Checked Online Delay When Claiming Earned Income Tax Credit or Additional Child Tax Credit “Where’s My Refund?” Refunds Are Generally Issued W

 

9070 Irvine Center Dr #260, Irvine, CA 92618, USA

T: (949) 587-9890

F: (949) 748-1555

Subscribe Form

  • LinkedIn
  • Facebook
  • Instagram
  • Yelp for business
  • YouTube
  • Google Places

©2019 by Tehrani & Velez, LLP