2020 Tax Return Due Dates And Deadlines: All You Need to Know

2020 Tax Return Due Dates And Deadlines: All You Need to Know
2020 Tax Return Due Dates And Deadlines: All You Need to Know

In order to have a successful tax return one of the key things that any business or individual can do is to have all of their documents and forms ready to go in advance to avoid paying any late fees.

When Can I Start Filing Taxes for 2020?

As of January 27th, 2020 the Internal Revenue Service (IRS) is officially accepting tax returns for processing so the sooner you file with them the sooner you will have one less thing to worry about. To minimize errors and speed up refund time, the IRS encourages users to file their taxes electronically. Regardless of this users should be sure to click on the forms below for information on late filing penalties or any other requirements that are needed to file the necessary forms.

You can request a six-month extension from the IRS if you need additional time to prepare and file your return. This would shift your filing deadline to October 15th, 2020.

2020 Tax Deadlines for Business Owners

Depending on the business you own, there are different documents that are needed to be filed in order to pay the taxes that owed. In general, it is expected for businesses and employees alike to pay their taxes regularly as they receive income over the course of the year.

When to File 2020 Taxes as a Business Owner?

As a business owner, it’s important to keep track of your tax responsibilities. Check out our business tax schedule for 2020 to stay on top of this year's tax season.

January 31st, 2020

  1. Form W-2, Wage and Tax Statement, must be provided to all employees by the end of January. This form shows their earnings, Social Security and Medicare earnings, and other information, for the previous calendar year. If you have to file Form W-2, and an employer, you need to file Form W-3, Transmittal of Wage and Tax Statements. This document is needed for transmitting a paper Copy A of Form W-2, to the SSA. If you have submitted a W-2 form online, a W-3 transmittal form is not needed.
  2. Form 941, Employer’s Quarterly Federal Tax Return, needs to be filed in the fourth quarter of the previous calendar year. If all of the required payments were made in full by the due dates, filers will have 10 more days to submit this form (by February 10th).
  3. Form 944, Employer’s Annual Tax Return, needs to be filed for the previous calendar year instead of Form 941 if the IRS has notified you in writing that you need to file this form.
  4. Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return, is needed to report any FUTA tax that is owed, however, if all of the FUTA tax has been deposited when it was due,  filers will have 10 more days to submit this form (by February 10th).
  5. Most 1099 Forms are due by this date (see below for a full list of forms). You must also provide independent contractors, vendors, and professionals with this form if you paid them $600 or more during the past calendar year. Due forms in the 1099 Series include the following:

○ Form 1099-MISC, Miscellaneous Income (Box 7);

○ Form 1099-A, Acquisition or Abandonment of Secured Property;

○ Form 1099-C, Cancellation of Debt;

○ Form 1099-DIV, Dividends and Distributions;

○ Form 1099-G, Certain Government Payments;

○ Form 1099-INT, Interest Income;

○ Form 1099-K, Payment Card and Third Party Network Transactions;

○ Form 1099-PATR, Taxable Distributions Received From Cooperatives;

○ Form 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.;

○ Form 1099-OID, Original Issue Discount.

February 10th, 2020

This is the final date to submit Form 940 and Form 941 (if all of the previous payments have been made).

February 15th, 2020

  1. File Form 1099-B, Proceeds from Broker and Barter Exchange Transactions, to report all proceeds from broker transactions and barter exchanges. Give an annual information statement to the recipients of certain payments you made during 2019 with the appropriate version of Form 1099 or any other information return. These payments include all payments reported on Form 1099-B, Form 1099-S and in Boxes 8 and 14 of Form 1099-MISC.
  2. Employers should request a new Form W-4 from exempt employees. Ask for the form from each employee who claimed an exemption from income tax withholding last year.

February 18th, 2020

Employers need to give annual information statements to recipients of certain payments which were made during 2019. You can use the applicable version of Form 1099 or other information return to report this information. Keep in mind that the IRS 1099 Forms can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments:

  1. All payments reported on Form 1099-B.
  2. All payments reported on Form 1099-S.
  3. Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 14 of Form 1099-MISC.

February 29th, 2020

  1. File information returns (including all IRS 1099 Forms except for Form 1099-MISC) along with the accompanying Form 1096, which is used to summarize and transmit forms for each type of payment.
  2. This due date also applies to Paper Forms 1097-BTC, 1098, 3921, 3922, and W-2G if filed on paper.
  3. Form 8027, Employer's Annual Information Return of Tip Income and Allocated Tips, is filled out by employers wishing to report to the IRS the receipts and tips their employee received, as well as to determine allocated tips.

March 16th, 2020

  1. This due date applies to Form 1065Form 1120-S, Form 1065-B, and Form 1066. Form 1065X, Amended Return or Administrative Adjustment Request (AAR) may be filed to correct information on a previously filed Form 1065Form 1065-B, and Form 1066.
  2. You may use Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns, to request an automatic 6-month extension of time to file any of the returns above, shifting the date to September 15, 2020.
  3. File Form 2553, Election by a Small Business Corporation if you would like your business to be treated as an S-Corporation starting in 2021.
  4. Foreign trusts with U.S.-based owners must file Form 3520-A, Annual Information Return of Foreign Trust With a U.S. Owner to provide information about the trust and its beneficiaries.

March 31st, 2020

Final due date to file electronic IRS 1099 Forms (except Form 1099-MISC reporting nonemployee compensation) and Form 8027. This due date also applies to the electronic filing of Forms 1097-BTC, 1098, 3921, 3922, and W-2G.

April 15th, 2020

  1. Use Form 3520 to report certain transactions with foreign trusts or gifts from foreign citizens to the IRS.
  2. Corporations must file a 2019 calendar year income tax return via Form 1120 and deposit the first of four installments of estimated income tax for 2020. Corporations can estimate their tax for the year with Form 1120-W, Estimated Tax for Corporations. This form is used by a corporation to determine tax liabilities and required payments.
  3. This due date applies to the following forms:

○ Form 1041, U.S. Income Tax Return for Estates and Trusts (all deductions, income, losses, and gains from the operation of a trust or an estate);

○ Form 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation;

○ Form 1120-H, U.S. Income Tax Return for Homeowners Associations;

○ Form 1120-L, U.S. Life Insurance Company Income Tax Return;

○ Form 1120-ND, Return for Nuclear Decommissioning Funds and Certain Related Persons;

○ Form 1120-PC, U.S. Property and Casualty Insurance Company Income Tax Return;

FinCEN Form 114, Foreign Bank and Financial Accounts Report.

May 15th, 2020 

Most nonprofits (excluding all churches and church-related organizations), must file one of the following forms for the previous year:

  1. Form 990-N needs to be filed by organizations with gross receipts of $50,000 or less;
  2. Form 990-EZ needs to be filed by companies with a gross receipt lower than $200,000 and have total assets exceeding $500,000;
  3. Paper copies of Form 990 and Form 990-PF are to be filed by companies exempt from income tax and filed by private foundations.

June 15th, 2020

  1. Corporations must estimate their tax for the year with Form 1120-W and deposit the second installment of their estimated income tax for the year. 
  2. Form 1120-F must be filed by foreign corporations to report their gains, losses, and credits.

July 31st, 2020

File Form 941 by this day. If all of the required payments have been paid in full by the due dates, you have 10 more days to submit this form. 

August 10th, 2020

If all of the previous payments have been made, file and submit Form 941, Employer’s Quarterly Federal Tax Return by this date. 

September 15th, 2020

  1. Extended due dates for Partnerships, S Corporations, and Electing Large Partnerships 2019 income tax returns if the taxpayer filled and submitted Form 7004 by March 16th, 2020. This is also the extended deadline for filing FinCEN Form 114, Foreign Bank and Financial Accounts Report.
  2. Corporations must estimate their tax for the year with Form 1120-W and deposit the third installment of estimated income tax for 2020.
  3. Form 1120-IC-DISC must be filed by interest charge domestic international sales corporations.
  4. Form 3520-A must also be filed by this date.

October 15th, 2020

Corporations must file an income tax return for the 2019 calendar year (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension.

November 16th, 2020

Extended deadline given to nonprofit organizations to file any form of the Form 990 Series.

December 16, 2019

Corporations must estimate their fourth and final installment of estimated income tax for 2018. The amounts are estimated via Form 1120-W.

2020 Tax Deadlines for Individuals

One of the first things an individual needs to do when they begin to fill out their taxes is understanding if they need to file at all. There are three important factors that are used to determine a need to file. These include gross annual income, file status, and the applicant’s age. If you are currently a married adult filing jointly with your spouse and have a household income of over $24,400 you have to file your taxes this year. You also have to file if you’re a single adult under the age of 65 and have made over $12,200 this year.

When to File 2020 Individual Taxes?

Some states have certain exceptions, taxpayers from Virginia or South Carolina have until May 1st, 2020, to file their returns. It can be beneficial to research your state tax deadlines and find the appropriate date that applies to you.

January 10th, 2020

  1. File Form 4070, Employee's Report of Tips to Employer to summarize and report any tips earned during December 2019. This form is due on the 10th of every month and summarizes income from tips for the previous month. If your tips were less than $20 for the month then no report is needed. 
  2. Form 4070A, Employee's Daily Record of Tips may be useful to track the total number of tips earned.

January 15th, 2020

Form 1040-ES, Estimated Tax for Individuals is used by individuals to make a payment on their estimated tax for 2019 if they did not make a payment on their income tax for the year through withholding. This payment does not need to be made if they file their 2019 return (Form 1040 or Form 1040-SR) and pay any taxes due by January 31st, 2020.

Farmers and fisherman may also pay their estimated tax for 2019 by using Form 1040-ES. They have until April 15th to file their 2019 income tax return (Form 1040 or Form 1040-SR). If they do not pay their estimated tax by January 15th, they must file their 2019 return and pay any tax due by March 2nd, 2020, so that their estimated tax penalty is avoided.

January 31st, 2020

This due date applies to the following forms:

  1. Form 1040, U.S. Individual Income Tax Return;
  2. Form 1040-SR, U.S. Tax Return for Seniors.

Individuals who didn't pay their last installment of estimated tax by January 15th may choose to file their income tax return (Form 1040 or Form 1040-SR) for 2019 by January 31st. If an individual files their return by this date this will prevent them from having any penalty on their last installment payment. 

If you are not able to file your taxes by this date, there is also the opportunity to file by April 15th, 2020. 

February 18th, 2020

For individuals that claimed an exemption from their income tax withholding last year on the W-4 Form you gave your employer, you must file a new W-4 Form by this date to continue your exemption for another year:

  1. Form W-4, Employee's Withholding Allowance Certificate;
  2. Form W-4P (for U.S. residents who receive annuities, pensions, and other deferred compensation);
  3. Form W-4S (for third-party payers of sick pay);
  4. Form W-4V (for recipients of government payments, to ask the payer to withhold federal income tax).

March 2nd, 2020

Farmers and fishermen need to file their 2019 income tax return using Form 1040 or Form 1040-SR and pay any necessary tax that is due. However, if needed you have until April 15th to file if you have paid your 2019 estimated tax by January 15th, 2020.

April 15th, 2020

  1. For individual tax returns, this is the 2019 tax day. File Form 1040 or Form 1040-SR and pay any necessary taxes due to the IRS.
  2. If you had a household employee in 2019 and paid cash wages of $1,000 or more Schedule H (Form 1040) needs to be filed.
  3. Individuals, fishermen, and farmers must file Form 1040-ES and make an estimated tax payment.
  4. Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return or Form 4868(SP) is filed to delay your payments past this date and get an automatic six-month extension to file your return, shifting the new due date to October 15, 2020. The form must be filed and submitted by the regular date of the return in order to qualify for the extension.

June 15th, 2020

  1. If you’re a citizen of the U.S. or resident alien working and living outside of the U.S. and Puerto Rico you may use Form 1040 or Form 1040-SR to pay any tax, interest, and penalties due.
  2. Individuals may also use Form 1040-ES to make an estimated tax payment for 2019 if they’re not paying their income tax for the year through withholding.
  3. This date is also the final date for U.S. citizens living abroad to file Form 4868 for an automatic 4-month extension

September 15th, 2020

As the third installment date for paying your estimated taxes in 2019, you may use Form 1040-ES to make an estimated payment if you’re not paying your income tax for the year through withholding.

October 15th, 2020

This is the final date to file individual tax returns (Form 1040 or Form 1040-SR) for 2019. This is also the last day that the IRS will accept tax returns that are electronically filed for 2019. If you choose to file after this date, in order to have your return processed, you will have to have your return sent in my mail. 

2020 Tax Calendar for Employers

The tax-reporting responsibilities of every employer depend on the type of business, the business location, and the number of staff that they employ. Tracking the ever-changing tax due dates is essential to avoid any expensive late filing fees and penalties.

Tax Filing Deadlines for Employers

It might feel intimidating to figure out the taxes you owe and all of the IRS guidelines that get changed every year. Sticking to a set schedule and developing an in-depth strategy is a great way to stay on top of your owed taxes and not miss a beat when filing the necessary forms that need to be filed. 

January 31st, 2020

  1. This due date applies to Form 940Form 941Form 941-SS, Form 941-XForm 943, Form 943-PR, Form 944, Form 944 (SP), Form 944-X, Form 944-X (SP), Form 945. If the tax that you are required to report on these forms is paid in full and on time, employers will have an additional length of time to file their taxes. This will shift the due date to the 10th day of the second month that follows the end of the return period.
  2. Form 945-X may be used to correct any errors made on a previously filed Form 945.
  3. Form 945-A, Annual Record of Federal Tax Liability can be used to report a federal tax liability for Forms 944Form 944-XForm 945Form 945-X, as well as Form CT-1 and Form CT-1 X.
  4. Form 1099-MISC needs to be filed if, as an employer, you paid any non-employee compensation for 2019 
  5. Use Form W-2G, Certain Gambling Winnings, if you received any gambling winnings over the previous year.
  6. Your staff will need to be provided with copies of Form W-2 for this year. Other more region-specific forms can include:

○ Form W-2VI, U.S. Virgin Islands Wage and Tax Statement;

○ Form W-2GU, Guam Wage and Tax Statement;

○ Form W-2AS, American Samoa Wage and Tax Statement.

File Form W-3, Transmittal of Wage and Tax Statements (or Form W-3PR) along with Copy A of all the Forms W-2, Wage and Tax Statement that you issued in 2019. Use Form W-3C, Transmittal of Corrected Wage and Tax Statements to correct any errors on Forms W-2W-2ASW-2GU, or W-2VI

February 10th, 2020

  1. For non-payroll taxes, employers should file Form 945 to report income tax withheld for 2019 on all nonpayroll items.
  2. The following forms are filed if the tax for the previous quarters was deposited in a timely and proper fashion:

○ File Form 941 (fourth quarter of 2019);

○ Certain small business employers should file Form 944 (or Form 944 (SP)) to report withheld income tax, social security, and Medicare taxes for the previous year;

○ Farm employers must file Form 943 (or Form 943-PR) to report withheld social security, Medicare, and income taxes;

○ Concerning the federal unemployment tax, employers should file Form 940, Employer's Annual Federal Unemployment (FUTA) Tax Return

February 19th, 2020

All employers must begin withholding income tax from the salary of any employee who has claimed an exemption from withholding in 2019, but didn't give the employer Form W-4 or Form W-4(SP) to continue the exemption this year.

February 28th, 2020

  1. Payers of any gambling winnings must file Form 1096, along with any Copy A of Form W-2G you issued for 2019. If you have filed W-2G Forms electronically, the due date for filing them with the IRS will be extended until March 31st. The due date for giving the receiver these forms still remains January 31st.
  2. If you’re an applicable "Large Employer", the IRS will need you to file paper Form 1094-C and Form 1095-C.
  3. File Form 8027 to report tip income and allocated tips if your business is a large food and beverage establishment. Owners of more than one establishment can use Form 8027-T to summarize and transmit paper versions of 8027 Forms.
  4. Providers of essential minimum coverage should file paper versions of Form 1094-B and Form 1095-B.

March 31st, 2020

This due date only applies to these electronically-filed forms: 

○ Form W-2G (paper version due February 28th);

Form 8027 (paper version due March 2nd);

○ Form 1094-C (paper version due February 28th);

○ Form 1095-C (paper version due February 28th);

○ Form 1094-B (paper version due February 28th);

○ Form 1095-B (paper version due February 28th).

April 15th, 2020

If you are a household employer that paid cash wages of $2,100 or more to a household employee in 2019, file Schedule H (Form 1040 or Form 1040-SR).

April 30th, 2020

File Form 941 (first quarter of 2020). If taxes for this quarter were deposited on time and in full, you have until May 11th to file the return.

May 11th, 2020

Final due date to file Form 941 (first quarter of 2020). This due date applies only if you deposited the tax for the quarter on time and in full.

July 31st, 2020

  1. File Form 941 (second quarter of 2020). If you the tax you owe are deposited in a timely and proper manner, you have until August 10th to file the return. 
  2. For any employers that maintain an employee benefit plan, such as profit-sharing, stock bonus plan or a pension file Form 5500 or Form 5500-EZ for 2019 by this date. If you use a fiscal year as your tax calendar, file the form by the last day of the 7th month after the plan year ends.

August 10th, 2020

Final due date to file Form 941 (second quarter of 2020) if taxes for that quarter were deposited on time and in full.

November 2nd, 2020

File Form 941 for the third quarter of 2019.

November 10th, 2020

Final due date for Form 941 (third quarter of 2020) if taxes for that quarter were deposited on time and in full.

Legal Disclamer: The information provided on TemplateRoller.com is for general and educational purposes only and is not a substitute for professional advice. All information is provided in good faith, however, we make no representation or warranty of any kind regarding its accuracy, validity, reliability, or completeness. Consult with the appropriate professionals before taking any legal action. TemplateRoller.com will not be liable for loss or damage of any kind incurred as a result of using the information provided on the site.

TemplateRoller. All rights reserved. 2020 ©