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

Feli Oliveros

The month of September marks the start of a new season, and a full calendar of compliance items. But don’t get swept away by all of the changes taking place this month. Get all your important HR, payroll, and benefits deadlines on the calendar with the help of our list below.

Federal holidays

September 5, 2022: Labor Day

September 5, 2022 is Labor Day, a federal holiday, so take that Monday off and enjoy your three-day weekend!

Tax and payroll compliance deadlines

2020 COVID tax deferred payroll taxes announcement

If you deferred federal payroll taxes in 2020 and have not paid the taxes back in full, the Internal Revenue Service (IRS) will be sending out courtesy notices (CP256V) to inform you of the balance and to remind you that the due date for these deferrals will be December 31, 2022. 

If received, these notices require action and should not be ignored. Please follow the instructions in the notice and make your payments for the deferred amounts directly to the IRS. 

Additional information about deferred taxes available here and about repayment here.

Federal payroll tax deposits (for semi-weekly depositors)

If you’ve hired employees for your business, one of your many responsibilities as an employer is depositing payroll taxes with the Internal Revenue Service (IRS) on a regular basis.

There are two deposit schedules that most small businesses adhere to, and which one you’ll follow for the year depends on the amount you withheld in federal income and FICA taxes (also known as your Social Security and Medicare taxes) between July 1, 2020 and June 30, 2021. 

If you reported over $50,000 in payroll taxes during that period (also known as the “lookback period”), you’re considered a semi-weekly depositor. Semi-weekly depositors follow the schedule outlined 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

But if you reported less than $50,000 in payroll taxes, had no employees during the lookback period (in which case your payroll tax liability was $0), or are in your first year of business, you would follow the monthly deposit schedule below instead. 

No matter the schedule you follow, use the IRS Electronic Federal Tax Payment System (EFTPS) to make your deposits. Just make sure to do so in a timely manner, or else you’ll find yourself shelling out up to 15% in penalties.

To learn more about payroll taxes and your deposit schedule, take a look at Publication 15

Note that you may be required to pay state and local payroll taxes as well—check with your state and local tax authorities for more information. 

September 1, 2022

Extended tax deadline for Oklahoma natural disaster victims

Victims of the severe storms, tornadoes, and flooding that started on May 2, 2022 in Oklahoma have until September 1, 2022 to file their individual and business federal tax returns and make and related tax payments that were due between May 2 and August 31. 

These tax payments include:

  • 2021 tax returns for tax exempt organizations (originally due on May 16)
  • Second quarterly tax payment for the 2022 tax year (originally due on June 15)
  • Quarterly payroll and excise tax returns (originally due on August 1)

People and businesses located in Adair, Cherokee, Muskogee, Okmulgee, Pottawatomie, Seminole, and Tulsa counties and were affected by these natural disasters are able to take advantage of this tax relief provided by the IRS. 

For more information, read the official news release from the IRS.

September 12, 2022

Form 4070 due to employers

Form 4070 is used by employees to report their tip income from the previous month to their employer. Employees who made more than $20 in tip income for the month of August must submit this document by September 12, 2022. 

Form 4070 is typically due on the 10th of every month, but September 10 falls on a Saturday this year. As a result, the deadline for this month is moved to the next business day, which is September 12. 

September 15, 2022

Federal payroll tax deposits (for monthly depositors) due to the IRS

Monthly payroll tax depositors—those who either reported less than $50,000 in payroll taxes during the lookback period, had no employees during the lookback period, or are in their first year of business—must make their tax payment for the month of August by September 15, 2022. 

Use the EFTPS to submit your deposit, just as you would if you were a semi-weekly depositor. 

For more information on payroll taxes, review Publication 15

Q3 estimated tax payment (Form 1040-ES) due to the IRS

Estimated tax payments for the third quarter of 2022 must be submitted to the IRS by September 15, 2022 for certain people and companies. This group generally includes independent contractors, freelancers, gig workers, partners, S corporation shareholders, and C corporations. 

Payments may be submitted online, by mail along with Form 1040-ES, or over the phone. 

For more information on quarterly estimated taxes, review Publication 505.

Keep in mind that, depending on where you are located, you may also be liable for state and local estimated taxes. Check with your state and local tax authorities for more information. 

Extended deadline for filing partnership and S corporation tax returns 

If your S corporation or partnership received an extension for filing your tax returns for the 2021 tax year (Form 1120-S and Form 1065, respectively), your new tax filing deadline is September 15, 2022. 

HR compliance deadlines

September 15, 2022

Minimum funding contributions due for defined benefit plans

Defined benefit, money purchase, and target benefit plans that follow the calendar year must meet their minimum funding requirement for the 2021 plan year by September 15, 2022 to avoid excise taxes or operational failures. 

This is because plan sponsors are required to make any minimum contributions 8.5 months after the end of the plan year in question.

Submit all electronic payments and mail all paper checks by September 15 to ensure your contributions are collected in a timely manner.

Deadline to make retirement plan employer contributions for partnerships and S corporations

For partnerships and S corporations that filed an extension for their 2021 tax returns, the deadline to make any tax-deductible retirement plan employer contributions is September 15, 2022—the same day as the extended filing deadline.

September 30, 2022

Form 5500 due for certain plans

Companies that offer pension or welfare benefit plans covered by The Employee Retirement Income Security Act of 1974 (ERISA) are required to file Form 5500 with the Employee Benefits Security Administration (EBSA). This form reports information about these plans, including its qualification, financial condition, operation, and investments. 

Although Form 5500 is typically due on July 31, plan sponsors who qualify for an automatic corporate tax extension through Form 7004 may submit the document by September 30, 2022 through EFAST2 instead. 

For more information on Form 5500, see the Department of Labor’s detailed instructions

Deadline to furnish Summary Annual Reports to covered plan participants

A Summary Annual Report (or SAR for short) provides the information you submit in your Form 5500, including the total value of your company’s benefit plan during the previous plan year and other details, to your employees. 

Since plan administrators must furnish this document to plan participants within nine months of the end of the plan year, the deadline to send SARs to your employees falls on September 30, 2022 (or two months after you file Form 5500) if you have not already filed for an extension with the IRS.

If you’ve successfully filed for an extension with Form 5558, your deadline for furnishing SARs to your employees is December 15.

Note that plans that don’t require you to file Form 5500 annually also don’t require SARs to be furnished to plan participants.

Remind employees to take advantage of their PTO and health benefits

With the end of the year just around the corner, now is a good time to remind your employees of their benefits to ensure they use them while they are still available. 

For instance, employers with “use it or lose it” paid time off policies—where employees must use their accrued PTO by a certain date or risk losing it—should remind their workers in September to check how much PTO they still have available for 2022. 

This gives them a big enough window to check their PTO balance, make plans to use any available hours left, and submit PTO requests to their managers before the end of the year. 

Additionally, you may also want to encourage employees to get their flu shots this month—especially if you have them working out of an office or other central location. 

In the US, flu season typically begins in October and lasts until about March. Reminding employees to get their shots in a timely manner can ensure they remain healthy and avoid getting others in your company sick.

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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