May 2020 Business Due Dates

May 15 -  Employer’s Monthly Deposit Due

If you are an employer and the monthly deposit rules apply, May 15 is the due date for you to make your deposit of Social Security, Medicare and withheld income tax for April 2020. This is also the due date for the non-payroll withholding deposit for April 2020 if the monthly deposit rule applies. See note below.

Note: Under the Cares Act, employers…

  • Are able to defer paying the employer’s 6.2% portion of the Social Security taxes through the end of 2020. The delay provisions apply to all employers regardless of the number of the employer’s employees. 

  • Are able to retain enough of the federal income tax withholding of each employee who received mandatory COVID-19 sick and family leave payments and both the employer’s and employee’s share of social security tax deposits, as well as the employer’s share of Social Security and Medicare taxes with respect to all employees, to reimburse themselves for mandatory COVID-19 sick and family leave payments. 

  • Are able to retain the employer’s 6.2% portion of the Social Security taxes (and equivalent RR retirement amounts) to reimburse themselves for keeping employees on payroll under the Employee Retention Credit.

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