October 2022: The Small Business Owner’s HR, Benefits, Payroll, and Tax Compliance Deadlines

Feli Oliveros

With Halloween taking place next month, your plans during this time of year may look a little scary—but that doesn’t mean your HR calendar has to be.

Federal holidays

National Disability Employment Awareness Month

It’s not a bank holiday, but the federal government observes National Disability Employment Awareness month (NDEAM) in October. The initiative celebrates workers with disabilities, while also providing education on how employers can better support their businesses. 

This year’s theme is “Disability: Part of the Equity Equation.” To download or order 2022 NDEAM posters for your workplace, visit the official US Department of Labor webpage

October 10, 2022: Columbus Day or Indigenous Peoples’ Day

Columbus Day (or Indigenous Peoples’ Day, as it is now observed in some states) takes place on October 10, 2022 this year. Enjoy this last respite before the holiday season rushes your way!

Tax and payroll compliance deadlines

Federal payroll tax deposits (for semi-weekly depositors)

The Internal Revenue Service requires employers to deposit payroll taxes on a regular basis. However, just how often you make these deposits depends on the amount you withheld in federal income and FICA taxes (also known as Social Security and Medicare taxes) between the lookback period—which this year runs from July 1, 2020 and June 30, 2021.

If your company’s tax liability during the lookback period exceeded $50,000, deposit your payroll taxes according to the schedule below:

If payday for your employees is on…Deposit employment taxes by…
WednesdayThe following Wednesday
ThursdayThe following Wednesday
FridayThe following Wednesday
SaturdayThe following Friday
SundayThe following Friday
MondayThe following Friday
TuesdayThe following Friday

If your tax liability falls below the $50,000 threshold, use a monthly payroll deposit schedule instead (outlined below).

Your payment method remains the same no matter your deposit schedule. Deposit your payments through the IRS Electronic Federal Tax Payment System (EFTPS). If your deposit is late, you may face a penalty of up to 15%. 

For more information on your deposit schedule and payroll taxes in general, review IRS Publication 15.

State and local payroll taxes

Unemployment insurance taxes

Unemployment insurance tax and returns for states are generally due at the end of the month following the end of the calendar quarter (i.e. October 31 for third quarter returns). 

Check with the unemployment insurance tax collectors for your specific state(s) to find out if unemployment taxes are due for the third quarter of 2022. Unemployment taxes are generally owed on all employees in all states in the US. 

Income tax withholding

Most states also assess income taxes that most likely must be withheld from your employees’ paychecks and then paid to the state agencies at specific intervals, depending on the amount of tax you pay to the state annually. Many of these states have quarterly returns that are due at the end of each calendar quarter to reconcile the payments made during the quarter.  

The states without income tax are: 

  • Alaska
  • Florida
  • Nevada
  • New Hampshire
  • South Carolina
  • Tennessee
  • Texas
  • Washington
  • Wyoming

If you have employees outside of the states listed above, chances are you owe payroll taxes to these state agencies. 

Local taxes 

Several municipalities also impose local payroll taxes that are collected by local tax authorities. You may owe local taxes and file quarterly tax returns this month if you have employees working in the following states: 

  • Alabama
  • Colorado
  • Delaware
  • Indiana (collected by the state)
  • Kentucky
  • Maryland (collected by the state)
  • New Jersey
  • Ohio
  • Oregon
  • Pennsylvania
  • West Virginia 

For more information on unemployment insurance tax, state income tax, and local tax deadlines for your business, check with the appropriate tax authorities

October 11, 2022

Form 4070 due to employers

Form 4070 is used by employees to report their tip income to their employers. If your employees received more than $20 in tip income in September, the last day to report the amount is October 11, 2022. 

This form is typically due on the 10th of each month. However, Columbus Day (or Indigenous Peoples’ Day) is a federal holiday and falls on October 10 this year, so this deadline is moved to the following business day (October 11).

October 17, 2022

Federal payroll tax deposits (for monthly depositors)

If you follow a monthly payroll deposit schedule, the deadline for your September payment is October 17, 2022.

To recap, you’re considered a monthly depositor if you either:

  • Owed less than $50,000 in payroll taxes during the lookback period
  • Had no employees during the lookback period (and thus had no tax liability)
  • Have started your business within the past year

Like semi-weekly depositors, monthly depositors must deposit their tax payments through the EFTPS.

Extended deadline for filing individual and C corporation federal tax returns

If you received an extension to file your 2021 individual tax return (Form 1040) or C corp tax return (Form 1120), your new filing deadline is October 17, 2022.

If you’re self-employed and received an extension for your individual tax return, October 17 is also your deadline to:

Additionally, this is the last day that eligible taxpayers with an adjusted gross income (AGI) of $73,000 or less in 2021 can use the IRS Free File service to prepare and file their taxes. After this day, taxpayers will no longer be able to use this service to file their 2021 tax returns. 

Extended tax filing and payment deadlines for Montana natural disaster victims

Individuals and businesses affected by the Montana storms and floods that began on June 10, 2022 have until October 17, 2022 to file their tax returns and make any related tax payments to the IRS. 

If you or your business is located in one of the following counties and has been affected by these natural disasters, you may qualify for tax relief:

  • Carbon
  • Flathead
  • Park
  • Stillwater
  • Sweet Grass
  • Treasure
  • Yellowstone 

This means that, if you have not submitted any of the following to the IRS yet, you have until October 17 to do so:

  • Quarterly estimated tax payments (originally due on June 15 and September 15, 2022)
  • Quarterly payroll and excise tax returns (originally due on August 1, 2022)
  • Calendar year business returns with a valid extension (originally due before or on September 15, 2022)

For further details, read the official IRS news release

October 31, 2022

Form 720 due to the IRS

Companies subject to excise taxes may be required to submit Form 720, along with any corresponding payments, to the IRS each quarter. 

If your company manufactures or sells gasoline, tires, vaccines, alcohol, or any of the other goods and services listed on Form 720, your third quarterly payments must be mailed or submitted electronically by October 31, 2022.

To mail in your excise tax return, send Form 720, the Form 720-V payment voucher, and any tax payment to the address below:

Department of the Treasury

Internal Revenue Service

Ogden, UT 84201-0009

If you want to submit your return electronically instead, note that you must work with a tax professional in the IRS e-filing program to do so. You’ll also need to submit your tax payment through the EFTPS at least one day before the due date to ensure the IRS receives it before the deadline.

Make sure to keep copies of your submitted tax form and transaction records for at least four years after submission.

Form 941 due to the IRS

IRS Form 941 is used by employers to report how much federal income tax, Medicare tax, and Social Security tax they withhold from their employees’ wages every quarter. Employers must submit this form for the third quarter of 2022 by October 31, 2022.

Every business with employees must submit this form to the IRS each quarter, even if they have no employees for some of those quarters (and as a result, no taxes to report). The only exceptions are employers who:

  • Have household employees
  • Have agricultural employees
  • Are seasonal, with no employees for one or more quarters of the year

Form 941 can be mailed or submitted electronically, although the IRS recommends the e-filing method because it’s faster. You may be able to submit your document through your small business tax preparation software, but an accountant or tax preparer will also be able to submit your form for you.

If you decide to mail your quarterly tax return, your mailing address will depend on several factors, including your state and whether your payment is included with your form. Check the instructions for Form 941 to determine which is the right mailing address for you.

Payment can be made via paper check (don’t forget your payment voucher!) or EFTPS.

HR compliance deadlines

October 1, 2022

Start of annual notice delivery to plan participants

With the end of the year approaching fast, now’s the time to begin delivering annual plan notices to your benefit plan participants. 

Many employers are required to furnish the following notices to participants between 90 days and 30 days before the end of the plan year (so between October 1 and December 1 for calendar year plans):

  • 401(k) safe harbor match
  • Automatic contribution arrangement (ACA)
  • Qualified automatic contribution arrangement (QACA)
  • Qualified default investment alternative (QDIA) 

October 14, 2022

Medicare Part D Creditable Coverage notices due to plan participants

By October 14 each year, employers with group health plans that provide prescription drug coverage are required to disclose to individuals who are eligible for Medicare Part D (and those who are about to become eligible) whether their plan’s coverage is at least as good as Medicare’s—whether it is “creditable” or “non-creditable.”

Individuals are eligible for Part D if they either:

  • Are 65 or more years old
  • Are three months away from turning 65 years old
  • Have a disability

Employers must disclose this information to all eligible individuals electronically or via mail, even if their plan is non-creditable. This ensures plan participants have the information they need to decide whether they need Medicare prescription coverage ahead of the annual enrollment period, which begins on November 15, 2022.

Note that if your plan’s open enrollment begins on or before October 14, 2022, this notice may be included in your plan’s open enrollment materials instead.

If needed, The Centers for Medicare & Medicaid Services (CMS) provides templates for these notice letters on its website.

October 17, 2022

Employer retirement contributions due for certain employers

Sole proprietorships and C corporations that were approved for an extended tax filing deadline of October 17, 2022 must also make any final employer retirement plan contributions for the 2021 tax year by this date.

This ensures these contributions will be deducted from their business income.

Form 5500 due for extended deadline recipients

Employers use Form 5500 to disclose to the IRS information about their business, retirement plans, and plan participants. 

If you received a filing extension for this document, whether by filing Form 5558 or Form 7004, your new deadline is October 17, 2022. This deadline typically falls on October 15, but because it falls on a Saturday this year, the due date has been moved to the following Monday.

Third quarter 2022 minimum funding payment due for certain defined benefit pension plans

Employers with defined benefit pension plans that experienced a funding shortfall in 2021 must make their third quarter minimum funding contribution for the 2022 plan year by October 17, 2022. 

Although this deadline is usually set for October 15, the date falls on a Saturday this year so the due date has moved to the following business day.

Feli Oliveros Feli Oliveros is a freelance finance and business writer with experience covering personal and small business finance. In 2015 she graduated from UCLA, where she earned her bachelor’s degree in English and minored in Anthropology.
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