Key Deadlines for 4th Quarter of 2020

The final quarter of 2020 is upon us. Below are some key tax-related deadlines affecting businesses and other employers as well as individuals, during the fourth quarter of 2020. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. Please be certain to contact us to ensure you are meeting all applicable deadlines, learn more about the filing requirements and tax planning.

Thursday, October 1

• Trusts and estates: Filing Form 1041 if you timely requested an extension.
• Employers: Establishing a SIMPLE or a Safe-Harbor 401(k) plan for 2019, except in certain circumstances.
• Individuals: Consider establishing or funding a 529 Plan. many states offer a tax credit or deduction on contributions for residents who use their own state’s plan.

Thursday, October 15

• File a 2019 New Jersey income tax return (Form CBT-100) and pay any tax, interest and penalties due.
• Make contributions for 2019 to certain employer-sponsored retirement plans.
• Individuals: File Form 1040 and applicable states income tax returns if you timely requested an extension.
• C-Corporations: File calendar year Form 1120 and applicable state income tax returns if you timely requested an extension.
• Non-Resident Alien Individuals who received wages as an employee subject to U.S. income tax withholding: File Form 1040NR or 1040NR-EZ if you timely requested an extension.

Monday, November 2

• Businesses: Deposit FUTA owed through Sep if more than $500.
• Businesses: File Form 2290 and pay the tax for vehicles first used during September.
• Businesses: File Form 941 for the third quarter.
• Individuals: Review your 401(k) contributions. Contribute at least the minimum required for employer matches.

Monday, November 16

• Tax Exempt Organizations: File extended Forms 990, 990-EZ, 990-PF, 990-N, 990-BL, or 990-T (Trusts other than section 401(a) or 408(a) trusts) for years ending 12/31/19.

Monday, November 30

• File Form 2290 and pay the tax for vehicles first used during October.

Tuesday, December 1

• Individuals: Review charitable contributions. Make any additional contributions by December 31.

Tuesday, December 15

• Tax Exempt Organizations: Deposit Estimated Tax due on Unrelated Business Taxable Income for Tax-Exempt Organizations.
• C-Corporations: Deposit the fourth installment of your 2020 estimated tax.

Thursday, December 31

• Establish a retirement plan for 2020 (generally other than a SIMPLE, a Safe-Harbor 401(k) or a SEP).
• File Form 2290 and pay the tax for vehicles first used during November.
• Last day to make tax-deductible 529 contributions for certain qualifying states.

As always, if you have any questions, please contact us at 215.675.8364.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.