February 2020 Tax and Compliance Deadlines

Tax Law and News Income tax filing

Tax season brings many opportunities for you to connect with your clients. Along the way, don’t forget to let them know about important tax and compliance deadlines. Here’s your list for February 2020.

In February, it’s recommended that you:

  • Send reminders to individual clients who have not returned their tax preparation packets or scheduled appointments.
  • Review the pros and cons of S corporation election with eligible corporate clients.
  • Remind partnerships of the March 15 return filing deadline.

Key Compliance Dates:

Wednesday, Feb. 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 29-31.

Friday, Feb. 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 1-4.

Monday, Feb. 10:

  • Employers file Form 941, Employer’s Federal Quarterly Tax Return, for fourth quarter of 2019 if tax for the quarter was deposited in full and on time.
  • Tipped employees who received $20 or more in tips during January report them to employers on Form 4070, Employee’s Report of Tips to Employer.
  • Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2019 if tax for the year was deposited in full and on time.

Wednesday, Feb. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 5-7.

Friday, Feb. 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 8-11.

Monday, Feb. 17 – Claims for 2019 exemption from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2020.

Tuesday, Feb. 18 – Semiweekly depositors deposit FICA and withheld income tax for January.

Thursday, Feb. 20 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 12-14.

Friday, Feb. 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 15-18.

Wednesday, Feb. 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 19-21.

Friday, Feb. 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 22-25.

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