November 2022: The Small Business Owner’s HR, Benefits, Payroll, and Tax Compliance Deadlines￼
You’ve likely done a great job of staying on top of your 2022 tax and compliance deadlines, so let’s finish the year strong! Use our compliance calendar below to help you with your HR deadlines for the month of November.
November 11, 2022: Veterans Day
We’ve got two federal holidays this month, with the first being Veterans Day on November 11, 2022. If you have any veterans employed at your company, this would be a great time to thank them for their service.
November 24, 2022: Thanksgiving Day
As you spend Thanksgiving Day with your loved ones, take some time to give thanks for everything you have accomplished and are grateful for this year.
Tax and payroll compliance deadlines
Federal payroll tax deposits (for semi-weekly depositors)
The schedule you must follow when you deposit your federal payroll taxes with the IRS depends on your federal income and FICA (Social Security and Medicare taxes) tax liability during the lookback period—which, for this year, runs from July 1, 2020 to June 30, 2021.
If your tax liability during the lookback period was over $50,000, you’d follow the semi-weekly deposit schedule laid out below:
|If payday for your employees is on…||Deposit employment taxes by…|
|Wednesday||The following Wednesday|
|Thursday||The following Wednesday|
|Friday||The following Wednesday|
|Saturday||The following Friday|
|Sunday||The following Friday|
|Monday||The following Friday|
|Tuesday||The following Friday|
But if your tax liability came out to $50,000 or below instead, you’d follow a monthly deposit schedule (discussed in greater detail below).
All payroll deposits must be made through the IRS Electronic Federal Tax Payment System (EFTPS) in a timely manner, or you may find yourself paying an additional penalty of up to 15%.
For more information on payroll tax deposits and your deposit schedule, review IRS Publication 15.
November 10, 2022
Form 4070 due to employers
Employees use Form 4070 to report any tips they receive to their employers. Remind employees who earned over $20 in tips during the month of October to report that income to you by November 10, 2022.
November 15, 2022
Federal payroll tax deposits (for monthly depositors)
Compared to semi-weekly depositors, monthly depositors generally deposit their payroll taxes on the 15th of every month.
This includes businesses that withheld $50,000 or less in payroll taxes during the lookback period, as well as all businesses that didn’t hire employees (and therefore had no tax liability) during the lookback period and all businesses that were established this year.
If you find your business in this category, make sure to deposit all federal income, Medicare, and Social Security taxes for October by November 15, 2022.
As with semi-weekly depositors, ensure your payments are made in a timely manner through the EFTPS.
Do I Need Payroll Software for My Small Business?Finances and Taxes
Extended tax filing and payment deadlines for Arizona, Missouri, and Kentucky natural disaster victims
Individuals and businesses affected by natural disasters in the following states have until November 15, 2022 to file their federal tax returns and make any related tax payments:
- Arizona severe storms occurring between July 17-18, 2022 (affecting the Salt River Pima-Maricopa Indian Community)
- Missouri severe storms and flooding starting on July 25, 2022 (affecting the Independent City of St. Louis, Montgomery, St. Charles, and St. Louis counties)
- Kentucky severe storms, flooding, landslides, and mudslides starting on July 26, 2022 (affecting the Breathitt, Casey, Clay, Cumberland, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Lincoln, Magoffin, Martin, Owsley, Perry, Pike, Powell, Whitley and Wolfe counties)
In addition to those who have been granted an extension on their federal tax returns, those who need to submit quarterly estimated tax payments, payroll tax returns, and excise tax returns may also do so by the new November 15 due date without penalty.
For more details, review the official IRS news releases for the Arizona, Missouri, and Kentucky natural disasters.
HR compliance deadlines
November 1, 2022
Marketplace health insurance enrollment begins for the 2023 plan year
Open enrollment for 2023 Marketplace health insurance plans begins on November 1, 2022 and runs until January 15, 2023. During this time, individuals can log onto Healthcare.gov and apply for a new health plan.
Remind employees to submit FSA receipts before the end of the calendar year
If you offer flexible spending accounts (FSAs) to employees, you may also want to remind them to submit before the end of the year any receipts and supporting documents for covered expenses if they want reimbursement for these purchases.
November 14, 2022
Deadline to furnish Q3 2022 benefit statements to plan participants
Plan sponsors of participant-directed direct contribution retirement plans must provide quarterly benefit statements to plan participants within 45 days after the end of the previous quarter. This means that benefit and fee disclosure statements for Q3 of 2022 must be sent out to participants by November 14, 2022.
November 15, 2022
Retirement plan employer contributions due for businesses affected by Arizona, Missouri, and Kentucky natural disasters
Businesses that were affected by the Arizona, Missouri, and Kentucky natural disasters have until November 15, 2022 to make any deductible employer contributions to their employee retirement plans.
Summary annual reports due to plan participants from companies with tax filing extension
Defined benefit plans require summary annual reports (SARs) to be distributed to plan participants each year, as these documents contain valuable information about the company’s retirement plan.
Typically, these documents must be sent out within nine months after the end of the plan year. However, companies that received an extension on their Form 5500 have until November 15, 2022 to furnish SARs to plan participants.