June 2020 Individual Due Dates
June 1 – Final Due Date for IRA Trustees to Issue Form 5498
Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2019. The FMV of an IRA on the last day of the prior year (Dec 31, 2019) is used to determine the required minimum distribution (RMD) that must be taken from the IRA. However, due to the COVID-19 emergency, Congress passed the CARES Act that suspends RMDs for 2020. Form 5498 can be filed away with your other tax documents for the year.
June 10 – Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 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.
June 15 – Estimated Tax Payment Due
Normally the June estimated tax payment is due June 15. However, due to the COVID-19 emergency this due date has been extended to July 15.
June 15 – Taxpayers Living Abroad
Normally, for a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, June 15 is the filing due date for your 2019 income tax return and to pay any tax due. However, due to the COVID-19 emergency this due date has been extended to July 15.
June 2020 Business Due Dates
June 15 – Employer’s Monthly Deposit Due
If you are an employer and the monthly deposit rules apply, June 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for May 2020. This is also the due date for the non-payroll withholding deposit for May 2020 if the monthly deposit rule applies. However, you may be able to retain a portion of the deposit to fund the mandatory paid sick leave and family leave under the Families First Coronavirus Response Act or defer portions to 2021 and 2022 under the CARES Act.
June 15 – Corporations
June 15 is normally the date to deposit the second installment of estimated income tax for 2020 for calendar year corporations. However, due to the COVID-19 emergency this due date has been extended to July 15.