January 2021 tax and compliance deadlines

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.

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