Important 2020 Business Tax Deadlines

Running a business involves keeping track of lots of details. Although every business owner knows the importance of tax deadlines, it’s easy to lose track of time when customers are demanding service or new employees are being hired. We have put together this list of important upcoming tax deadlines to help clients get ahead of the curve through the end of the year and into 2020.

As we reminded clients in August, October 15 is the deadline for submitting final 2018 returns for individuals and C corporations that filed for an extension by April 15. We urge all clients who must file by October 15 to get in touch with us now to begin finalizing their returns.

Income Tax Payments and Returns Filing Deadlines

Date                                  What is due

January 15, 2020        Quarterly estimated business tax payments for the period from September 1 to December 31, 2019.

March 15, 2020          2019 IRS tax returns for partnerships and S corporations are due, unless an extension is requested.

April 15, 2020             Tax day! April 15 is an important deadline for many types of tax filing:

  • Individuals and C corporations using the calendar year for accounting purposes must submit their 2019 state and federal tax returns or submit an application for automatic extension on Form 4868 for individuals or Form 7004 for corporations.
  • Regardless of whether a return is filed or an extension is requested, most taxpayers must make a tax payment by April 15 to avoid penalties. Taxpayers that are not finished with their returns should make a good faith effort to estimate their tax due.
  • Quarterly estimated business tax payments for the period from January 1 to March 31, 2020.
  • Final 2017 tax returns—this is the last chance to claim a refund for that year.

June 15, 2020             Quarterly estimated business tax payments for the period from April 1 to May 31, 2020.

September 15, 2020   Quarterly estimated business tax payments for the period from June 1 to August 31, 2020. Partnerships and S corporations that requested an extension must submit their final 2019 returns by this date.

October 15, 2020       Tax returns due for taxpayers that submitted an extension by April 15.

IRS Form 1099-MISC filing dates

Any business that relies upon independent contractors, freelancers, and other types of non-employee needs to keep track of its Form 1099-MISC filing obligations. Failure to comply with these obligations can result in steep penalties. A contractor must be provided with a 1099-Misc if the business paid the contractor more than $600 in a year. Businesses can often get confused about the deadlines that apply to it. We are happy to help clients get clear about when their obligations are due.

Businesses can request a 30 day extension on the dates below, provided that the request is made by the normal filing deadline.

Date                                       What is due

January 31, 2020        Forms 1099-MISC that use box 7 to report non-employee compensation (NEC) must be furnished by businesses to their contractors and the IRS, regardless of whether they are submitted to the IRS on paper or electronically.

February 28, 2020      Forms 1099-MISC that do not report NEC in box 7 and that are provided on paper must be submitted to contractors and the IRS.

March 31, 2020          Forms 1099-MISC that do not report NEC in box 7 and that are filed electronically must be submitted to contractors and to the IRS.

Businesses that file Forms 1099 must also submit a Form 1096 to the IRS on this date. Form 1096 summarizes the information the business has provided to contractors and the IRS in separate 1099 forms, including 1099-MISC. Note that Form 1096 can only be submitted electronically.

Ferguson Timar can help

Ferguson Timar recommends putting these dates on your calendar. Planning ahead for deadlines is critical for avoiding a last-minute rush, with all the potential for errors that come with it. Our team of tax experts routinely helps individuals and businesses stay ahead of their tax obligations. Complying with deadlines is only the beginning. Completing accurate returns and maximizing deductions is best thought of as a year-round activity. Let Ferguson Timar assist you. Call us today at (714) 204-0100 or reach out through our contact page.