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UPDATED MARCH 17, 2021: IRS Postpones Tax Deadline To May 17
While April 15 is commonly known as “Tax Day,” there are multiple tax deadlines throughout the year depending on your individual and business tax and accounting situation. Here’s a list of tax dates and deadlines you may need to keep in mind for 2021.
Employees who work for tips—should report all tips earned in the previous month to their employers. If the 10th falls on a weekend or holiday, then the report should be submitted to the employer on the next business day.
If an employer is required to pay monthly payroll taxes, businesses should deposit all Social Security, Medicare, and withheld income tax collected during the previous month.
Employees who work for tips—if you received $20 or more in tips during December 2020, report them to your employer using Form 4070.
Individuals—who did not pay federal income tax the previous year through withholdings (or didn’t pay in enough) should pay their estimated taxes by this date using Form 1040-ES.
Farmers and fishermen—should pay their federal estimated tax for 2020 using Form 1040-ES. If you don’t pay your estimated tax by January 15, you must file your 2020 return and pay any tax due by March 1, 2021, to avoid an estimated tax penalty.
Employer—deadline to provide to employees who worked for the business in the previous year their W2 forms. Also, any business that paid out reportable gambling winnings or withheld federal income tax from gambling winnings paid, should send to those winners Forms W2G by this date.
All employers—should file Form W3, Transmittal of Wage and Tax Statements, along with Copy A of all the W2s issued for 2020 by Feb. 1st, 2021.
Individuals who make estimated tax payments—if taxpayers didn’t pay the last installment of federal estimated tax by January 15, they may choose to file their income tax return (Form 1040 or Form 1040-SR) for 2020 by February 1. Filing and paying any tax due by February 1 prevents any penalty for late payment of the last installment.
Business payers of nonemployee compensation—File Form 1099-NEC for nonemployee compensation paid in 2020.
Employers whose annual payroll tax liability is $1,000 or less—use File Form 944 (or Form 943 for Farm employers) to report social security and Medicare taxes and withheld federal income tax for 2020. If you paid in full on time during the year, you have until February 10, 2021 to file a return.
File Form 940 to report your annual Federal Unemployment Tax Act (FUTA) tax by February 1, 2021. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year timely, properly, and in full, you have until February 10, 2021 to file the return.
IRS begins accepting and processing 2020 returns.
Individuals—who claimed exemption from income tax withholding last year on the Form W-4 must file a new Form W-4 by this date to continue their exemption for another year.
All Businesses—give annual information statements to recipients of certain payments you made during 2020. You can use the appropriate version of Form 1099 or other information return. This due date applies only to the following types of payments.
All payments reported on Form 1099-B.
All payments reported on Form 1099-S.
Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 10 of Form 1099-MISC.
Farmers & fishermen—file your 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 15, 2021 to file if you paid your 2020 estimated tax by January 15, 2021.
Large food and beverage establishment employers—file Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips, by March 1, 2021. Use Form 8027T to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS is March 31, 2021.
Partnerships—file a 2020 calendar year return Form 1065.
S Corporations—file a 2020 calendar year income tax return Form 1120-S.
S Corporation Election—file Form 2553 to elect to be treated as an S Corporation beginning with calendar year 2021.
Form 7004 – file this form to apply for an automatic six-month extension to file 2020 S Corporation and Partnership.
Corporations—file a 2020 calendar year income tax return Form 1120 and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe. Deposit the first installment of estimated federal income tax for 2021. Form 1120-W is available to help estimate taxes for the year.
Household employers—if you paid cash wages of $2,200 or more in 2020 to a household employee, you must file Schedule H (Form 1040), Household Employment Taxes. If you’re required to file a federal income tax return (Form 1040 or Form 1040-SR), file Schedule H (Form 1040) with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H (Form 1040) if you paid total cash wages of $1,000 or more in any calendar quarter of 2019 or 2020 to household employees. Also, report any income tax you withheld for your household employees.
Trust and Estates—file fiduciary income tax return (Form 1041) for calendar year 2020.
Individuals—file a 2020 Form 1040 or Form 1040-SR and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 4868 and pay what you estimate you owe in tax to avoid penalties and interest. Extension is for filing Form 1040 or Form 1040-SR by October 15, 2021, not for payment. If you’re not paying your 2021 income tax through withholding (or won’t pay in enough tax during the year), pay the first installment of your 2021 estimated federal tax. Use Form 1040-ES.
Exempt Organization—file Form 990 for 2020 calendar year. An automatic six-month extension can be requested by filing Form 8868 by May 17, 2021.
Individuals—make a payment of your 2021 estimated federal tax if you’re not paying your income tax for the year through withholding (or won’t pay in enough tax). Use Form 1040-ES. This is the second installment date for estimated federal tax for 2021.
Corporations—deposit the second installment of estimated federal income tax for 2021. Form 1120-W is available to help estimate taxes for the year.
U.S. citizens or resident aliens living and working (or on military duty) outside the United States and Puerto Rico—file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due. If you want additional time to file your return, file Form 4868 to obtain four additional months to file. Pay what you estimate you owe in tax to avoid penalties and interest. Then, file Form 1040 or Form 1040-SR by October 15, 2021. However, if you’re a participant in a combat zone, you may be able to further extend the filing deadline.
Individuals—make a payment of your 2021 estimated federal tax if you’re not paying your income tax for the year through withholding (or won’t pay in enough tax). Use Form 1040-ES. This is the third installment date for estimated federal tax for 2021.
Partnerships—file a 2020 calendar year return (Form 1065). This due date applies only if you timely requested an automatic 6-month extension. Otherwise, see Partnerships under March 15, 2021 earlier.
S Corporations—file a 2020 calendar year income tax return (Form 1120-S). This due date applies only if you timely requested an automatic 6-month extension of time to file the return. Otherwise, see S corporations under March 15, 2021 earlier.
Individuals—if you have an automatic 6-month extension to file your income tax return for 2020, file Form 1040 or Form 1040-SR and pay any tax, interest, and penalties due.
Corporations—file a 2020 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension.
Corporations—Deposit the fourth installment of estimated income tax for 2021. Form 1120-W is available to help estimate taxes for the year.
We are happy to discuss how this may impact your Accounting, Bookkeeping, and/or Business Tax Planning.
