IRS Tax Deposit & Correcting Forms Reminders and Due Dates

Semi-weekly depositors. Semi-weekly depositors must deposit the income tax they withheld from employee wages, and both the employee and employer share of Social Security and Medicare Taxes (FICA taxes), by the end of Wednesday if the payday was on the previous Wednesday, Thursday, or Friday; or by the end of Friday if the payday was on the previous Saturday, Sunday, Monday, or Tuesday.

The June deposit deadlines for semi-weekly depositors are as follows:

  • June 3 – Deposit the tax for payments made May 27-29.
  • June 5 -Deposit the tax for payments made May 30-June 2.
  • June 10 – Deposit the tax for payments made June 3-5.
  • June 12 – Deposit the tax for payments made June 6-9.
  • June 17 – Deposit the tax for payments made June 10-12.
  • June 19 -Deposit the tax for payments made June 13-16.
  • June 24 -Deposit the tax for payments made June 17-19.
  • June 26 – Deposit the tax for payments made May 20 – 23.

Monthly depositors. Filers who have a monthly deposit frequency must deposit the tax for May by June 15th.

The deadline for employees to report to employers tips of $20 or more earned in April is May 10th.

Please refer to IRS Coronavirus Information for the most up to date information.

The IRS has released a Notice that postpones deadlines for specified time-sensitive actions with respect to certain employment taxes, Health Savings Accounts (HSAs), Medical Savings Accounts (MSAs) among other items due to the ongoing COVID-19 pandemic [Notice 2020-35, 2020-IRB].

Deadlines extended to July 15. The IRS has now postponed deadlines for certain specified time-sensitive actions on account of the ongoing COVID-19 pandemic.

Notice 2020-35 extends tax deadlines to July 15, 2020 for the following:

  • employers correcting employment tax reporting errors using the interest-free adjustment process; and
  • employers correcting employment tax underpayments or overpayments.

The term “employment tax” includes federal income tax withholding and FICA tax. This also includes other types of withholding such as pension withholding and backup withholding.

Deadlines extended to August 31, 2020.  The due date for filing and furnishing Form 5498-SA (HSA, Archer MSA, or Medicare Advantage MSA Information) is postponed to August 31, 2020.

In addition, the period beginning on the original due date and ending on August 31, 2020, will be disregarded in the calculation of any penalty for failure to file those forms. Penalties with respect to such a postponed filing will begin to accrue on September 1, 2020.

Waiver of CPEO electronic filing requirement.  The IRS has also provided a temporary waiver of the requirement that Certified Professional Employer Organizations (CPEOs) file certain employment tax returns, and their accompanying schedules, on magnetic media (including electronic filing). This temporary waiver is extended to all CPEOs; individual requests for waiver do not need to be submitted.

This waiver applies only to Forms 941 filed for the second, third, and fourth quarter of 2020 and only to Forms 943 filed for calendar year 2020, and their accompanying schedules. Accordingly, CPEOs are permitted, but not required, to file a paper Form 941, and its accompanying schedules, in lieu of electronic submission for the second, third, and fourth quarters of calendar year 2020. In addition, CPEOs are permitted, but not required, to file a paper Form 943, and its accompanying schedules, in lieu of electronic submission for calendar year 2020.

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