27 Apr 2020 May 2020 Individual & Business Due Dates
May 2020 Individual Due Dates
May 11 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 11. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.
May 2020 Business Due Dates
May 15 – Employer’s Monthly Deposit Due
If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2020. This is also the due date for the non-payroll withholding deposit for April 2020 if the monthly deposit rule applies. See note below.
Note: Under the Cares Act, employers:
Are able to defer paying the employer’s 6.2% portion of the Social Security taxes through the end of 2020. The delay provisions apply to all employers regardless of the number of the employer’s employees.
Are able to retain enough of the federal income tax withholding of each employee who received mandatory COVID-19 sick and family leave payments and both the employer’s and employee’s share of social security tax deposits, as well as the employer’s share of Social Security and Medicare taxes with respect to all employees, to reimburse themselves for mandatory COVID-19 sick and family leave payments.
Are able to retain the employer’s 6.2% portion of the Social Security taxes (and equivalent RR retirement amounts) to reimburse themselves for keeping employees on payroll under the Employee Retention Credit.