January 15 – Due date for the fourth installment of 2019 individual estimated tax.
January 31
– Due date for employers to provide W-2 statements to employees, and also file Forms W-2 with the Social Security Administration.
– Due date for payers to provide most Forms 1099-MISC with non-employee compensation in box 7 to the IRS and to recipients.
– Due date for providers to send Forms 1095 to recipients.
– Employers must file 2019 federal unemployment tax returns and pay any tax due.
February 28 – Payers must file most Forms 1099 (except certain Forms 1099-MISC due Jan. 31) and Form 1095 with the IRS (March 31, 2020 if filing electronically).
March 16 – Deadline to file partnership and calendar year S-Corp returns.
April 15 – Deadline to file individual, trust, and calendar-year C-Corp returns.
The amount that individuals can contribute in 2020 to a 401(k) or similar workplace retirement plan has been adjusted for inflation. The new limit is $19,500, up $500 from 2019. If you’re 50 or older in 2020, the 401(k) catch-up contribution limit has also increased to$6,500.
Beginning on January 1, 2020, New Jersey’s minimum wage increases to $11/hour. However, for small businesses with less than 6 employees and for seasonal employees (May 1 to September 30), the minimum is $10.30/hour.
You’ll notice some changes on the new 1040. These include a spot for your spouse’s name if you choose the married/filing separate status, a separate line for IRA distributions, and elimination of the decimal spaces for all fields. A new line asking about cryptocurrency is also in the works.
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