Happy New Year to you and yours! Everyone at Intuit® Accountants sends good wishes for a great 2021. January is the official kickoff to tax season, so as you continue to get your firm geared up, don’t forget to take a look at your monthly list of tax and compliance deadlines for January 2021.
In January, it’s recommended that you:
- Send tax preparation packets and tax data organizers to individual clients.
- Alert individual clients to the option of filing the 2020 return by Jan. 31 in lieu of making final 2020 estimated tax payment.
- Remind business clients of Feb. 1 due date for filing Forms W-2, 1099-MISC and 1099-NEC.
- Remind business clients of information reporting requirements.
Key Compliance Dates:
Monday, Jan. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 26-29.
Wednesday, Jan. 6 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 30-Jan. 1.
Friday, Jan. 8 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 2-5.
Monday, Jan. 11 – Tipped employees who received $20 or more in tips during December report them to their employers on Form 4070, Employee’s Report of Tips to Employer.
Wednesday, Jan. 13 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 6-8.
Friday, Jan. 15:
- Monthly depositors deposit FICA and withheld income tax for December.
- Individuals pay final installment of 2020 estimated tax.
- Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 9-12.
Thursday, Jan. 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 13-15.
Friday, Jan. 22 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 16-19.
Wednesday, Jan. 27 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 20-22.
Friday, Jan. 29 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 23-36.
Note: Because Jan. 31 falls on a Sunday, end-of-month filings are pushed to Monday, Feb. 1. Please see the February tax calendar that will be published in late January.
Intuit Accountants Resources:
- The January 2021 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.
