November 2023 Individual Due Dates

As we step into November 2023, it’s crucial for employees who earn tips to be aware of their responsibilities, specifically regarding the reporting of tips to employers. This article sheds light on the November 13 deadline for reporting tips exceeding $20, ensuring compliance with IRS regulations. Let’s delve into the details to help you navigate this process seamlessly.

Reporting Tips to Employer – November 13 Deadline

If you’re an employee earning tips and your total tips for October surpass $20, it’s mandatory to report them to your employer. The reporting should be done using IRS Form 4070, and the deadline for submission is November 13. This reporting requirement ensures that FICA taxes and income tax withholding for these tips are appropriately managed.

Key Points to Remember:

1. IRS Form 4070 Submission: Ensure timely submission of IRS Form 4070 to your employer by November 13, detailing your tips for the month of October.
2. Tax Withholding by Employer: Your employer is obligated to withhold FICA taxes and income tax from your regular wages based on the reported tips. This ensures compliance with tax regulations.
3. Uncollected Withholding: If your regular wages are insufficient to cover the FICA and tax withholding, your employer will include the uncollected amount in box 12 of your W-2 for the year. Be prepared to settle this amount when filing your annual return.

Weekends & Holidays Impact

It’s essential to be aware that if the due date, in this case, November 13, falls on a Saturday, Sunday, or legal holiday, the deadline is automatically extended. The extended due date is typically the next business day that isn’t itself a legal holiday.

Disaster Area Extensions

In unforeseen circumstances where a geographical area is declared a disaster area, due dates may be extended. Stay informed about disaster declarations and filing extension dates through reliable sources such as FEMA and IRS.

1. Checking Disaster Declarations:
   Visit FEMA’s official website for the latest information on disaster declarations: FEMA Disaster Declarations
2. IRS Updates on Tax Relief:
   The IRS provides updates on tax relief in disaster situations. Stay informed by checking the IRS website: IRS Tax Relief in Disaster Situations

Conclusion

November 2023 presents a crucial deadline for employees earning tips—reporting them to employers by November 13. Understanding the implications of this requirement, as well as being aware of extensions due to weekends, holidays, or disaster declarations, ensures a smooth and compliant process. Stay informed, meet your obligations, and navigate the individual due dates of November 2023 with confidence.

JS Morlu LLC is a top-tier accounting firm based in Woodbridge, Virginia, with a team of highly experienced and qualified CPAs and business advisors. We are dedicated to providing comprehensive accounting, tax, and business advisory services to clients throughout the Washington, D.C. Metro Area and the surrounding regions. With over a decade of experience, we have cultivated a deep understanding of our clients’ needs and aspirations. We recognize that our clients seek more than just value-added accounting services; they seek a trusted partner who can guide them towards achieving their business goals and personal financial well-being.
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