March 2020 Individual & Business Due Dates
March 10 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10.
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.
March 16 – Time to Call for Your Tax Appointment
It is only one month until the April due date for your individual income tax returns. If you have not made an appointment to have your taxes prepared, we encourage you to do so before it becomes too late.
Do not be concerned about having all your information available before making the appointment. If you do not have all your information, we will simply make a list of the missing items. When you receive those items, just forward them to us.
Even if you think you might need to go on extension, it is best to prepare a preliminary return and estimate the result so you can pay the tax and minimize interest and penalties. We can then file the extension for you.
We look forward to hearing from you.
March 2020 Business Due Dates
March 2 – Farmers and Fishermen
File your 2019 income tax return (Form 1040 or 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2019 estimated tax by January 15, 2020.
March 2 – Large Food and Beverage Establishment Employers
File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.
March 2 – Applicable Large Employers (ALE) & Self-Insuring Employers
Provide employees with annual information statement of health insurance coverage, Form 1095-C, Employer-Provided Health Insurance Offer and Coverage. This date reflects an automatic 30-day extension from the statutory due date of January 31 provided by the IRS (Notice 2019-63). This extended due date also applies to insurers who are required to provide Form 1095-B, Health Coverage, to individuals. The government’s copies of these forms were due February 28 (or March 31 if filed electronically).
March 16 – Partnerships
File a 2019 calendar year return (Form 1065). Provide each partner with a copy of Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1. If you want an automatic 6-month extension of time to file the return and provide Schedules K-1 or substitute Schedules K-1 to the partners, file Form 7004. Then, file Form 1065 and provide the K-1s to the partners by September 15.
March 16 – S-Corporations
File a 2019 calendar year income tax return (Form 1120-S) and pay any tax due. Provide each shareholder with a copy of Schedule K-1 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc., or a substitute Schedule K-1 (Form 1120-S). To request an automatic 6-month extension of time to file the return, file Form 7004 and pay the tax estimated to be owed. Then file the return; pay any tax, interest, and penalties due; and provide each shareholder with a copy of their Schedule K-1 (Form 1120-S) by September 15.
March 16 – S-Corporation Election
File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2020. If Form 2553 is filed late, S treatment will begin with calendar year 2021.
March 16 – Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in February.
March 16 – Non-Payroll Withholding
If the monthly deposit rule applies, deposit the tax for payments in February.
March 31 – Electronic Filing of Forms 1098, 1099 and W-2G
If you file Forms 1098, 1099 (other than 1099-MISC with an amount in box 7), or W-2G electronically with the IRS, this is the final due date. This due date applies only if you file electronically (not paper forms). Otherwise, January 31 or February 28 was the due date, depending on the form filed. The due date for giving the recipient these forms was January 31.
March 31 – Applicable Large Employers (ALE) – Form 1095-C
If filing electronically, file Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, with the IRS. If filing on paper the due date was February 28, 2020.
March 31 – Large Food and Beverage Establishment Employers
If you file Forms 8027 for 2019 electronically with the IRS, this is the final due date. This due date applies only if you file electronically. Otherwise, February 28 was the due date.
