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Important Federal Income Tax Deadlines You Should Know – 2020 and 2021

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By Pooja Srivastava

Businesses and individuals have many important federal tax deadlines to track throughout the year. Most deadlines for annual returns are in the spring, with extensions available until the fall. Deadlines vary based on your business entity type, and the year that you are following for tax purposes. State tax deadlines vary based on the state.

If you miss a tax filing or payment deadline with the Internal Revenue Service (IRS) or another government body, you will likely face a financial penalty. We have listed the most important tax filing deadlines below for your reference. Work closely with your trusted Chugh CPAs, LLP professional to ensure you meet all your tax obligations, on time.

Date

Action Required

1/15/2021

A monthly payroll tax deposit is due on the 15th of each month.

1/15/2021

The fourth quarter estimated tax payment for tax year 2020 is due.

2/1/2021

Employers must mail out W-2 forms to their employees, or 1099 forms for non-employee compensation, dividends, bank interest, and distributions from a retirement plan.

2/1/2021

Employers must file tax year 2020 wage reports – including W-2 forms and Form W-3 – with the Social Security Administration (SSA).

2/1/2021

Provide the new Form 1099-NEC to independent contractors and businesses you pay, and Forms 1099-NEC with the Internal Revenue Service (IRS) by this deadline. Before you file the 1099-NEC, you will need a W-9 form from the person to verify their taxpayer ID.  If submitting paper forms, you will need to use transmittal Form 1096.

2/1/2021

File fourth quarter payroll reports for 2020 with the Employment Development Department (California).

2/1/2021

File employment taxes with the IRS and Social Security Administration (SSA) using Forms 940, 941, and 944.

2/15/2021

A monthly payroll tax deposit is due on the 15th of each month.

3/1/2021

Paper Forms 1097, 1098, 1099, 3921, 3922, or W-2G are due by this date. You must also submit transmittal Form 1096 by this date if filing these forms by paper.

3/1/2021

File Form 1098, Mortgage Interest Statement with the IRS.

3/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

3/15/2021

File Form 1042-S, Foreign Person’s US Source Income Subject to Withholding with the IRS.

3/15/2021

Businesses electing to be treated as an S corporation must file Form 2553 by this date.

3/15/2021

S. Corporation tax returns are due for businesses following the calendar year. If you need more time, file for an automatic six-month extension using Form 7004.

3/15/2021

S corporations must issue Schedules K-1 to their shareholders. These report each shareholder’s share of the business’s losses, income, deductions, and credits.

3/15/2021

Partnership tax returns are due for businesses following the calendar year. If you need more time, file for an automatic six-month extension using Form 7004.

3/15/2021

Partnerships must issue Schedules K-1 to their partners. These report each partner’s share of the business’s losses, income, deductions, and credits.

3/31/2021

Businesses who are e-filing Forms 1099 and 1096 must submit them by today (excludes Form 1099-NEC).

4/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

4/15/2021

C corporation tax returns (Form 1120) are due for businesses following the calendar year. If you need more time, file for an automatic six-month extension using Form 7004.

4/15/2021

File FinCen 114 (Report of Foreign Bank and Financial Accounts) or FBAR for all foreign accounts that had $10,000 or more at any time during 2020.

4/15/2021

Individual tax returns (Form 1040) are due for tax year 2020, including for nonresidents, US income, and more. If you need more time, file Form 4868 to request an automatic extension extends to October 15, 2021. Tax payments are also due on this date.

4/15/2021

Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return is due.

4/15/2021

Form 1041, US Income Tax Return for Estates and Trusts or an extension is due.

4/15/2021

The first quarter estimated tax payment is due for corporations and individuals for tax year 2021.

4/30/2021

The first estimated tax payment is due for estates and trusts for 2021.

4/30/2021

Form 720, Quarterly Federal Excise Tax Return is due for the first quarter of 2021.

4/30/2021

First quarter payroll tax returns are due for tax year 2021.

5/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

5/17/2021

A deposit is due for the Federal Unemployment Tax Act (FUTA) tax if more than $500 was paid through March 31, 2021.

5/31/2021   

Annual exempt corporation returns (or an extension) are due, if following the calendar year.

6/15/2021              

Employers must make a monthly payroll tax deposit on the 15th of each month.

6/15/2021               

The second quarter estimated tax payment is due for individuals, corporations, estates and trusts for tax year 2021.

6/15/2021

Individual tax returns are due for US citizens living abroad. If you need more time, file Form 4868 for an automatic extension of four months.

7/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

7/15/2021

Extensions are due for personal tax returns of US citizens and resident aliens abroad for tax year 2020.

8/2/2021

Second quarter payroll tax returns are due for 2021.

8/2/2021

A deposit is due for the Federal Unemployment Tax Act (FUTA) tax if more than $500 was paid through June 30, 2021.

8/2/2021

Employers must file Form 5500, Annual Return/Report of Employee Benefit Plan (or Form 5500-EZ) by this date.

8/2/2021

Employers must file Form 5558, Application for Extension of Time to File Certain Employee Plan Returns by this date.

8/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

8/16/2021              

Form 720, Quarterly Federal Excise Tax Return and its payment voucher are due for the second quarter of 2021.

9/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

9/15/2021

Businesses should consider whether to set up retirement plans for their employees. S corporations, partnerships, or LLCs taxed as S corporations/partnerships must set up a 401(k) plan by this date (final deadline).

9/15/2021

Partnership and S corporation tax returns are due if an extension was filed. This is the final deadline.

9/15/2021

Payment of the third quarter estimated tax is due for corporations and individuals for tax year 2021.

9/30/2021               

The third estimated tax payment is due for estates and trusts for tax year 2021.

10/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

10/15/2021

Tax returns are due for estates and trusts if an extension was filed. This is the final deadline. Bankruptcy filings use the same form.

10/15/2021

This is the final deadline to file FinCen 114 (Report of Foreign Bank and Financial Accounts) or FBAR.

10/15/2021

Individual personal tax returns, including for nonresidents and those making US income, are due if an extension was filed. This is the final deadline.

10/15/2021

Corporate tax returns are due if following the calendar year and an extension was filed. This is the final deadline.

10/15/2021

Schedule C contributions to SEP-IRA on behalf of your employees are due for 2020.

10/15/2021

Businesses should consider whether to set up retirement plans for their employees. C corporations and sole proprietors must set up a 401(k) plan by this date (final deadline).

10/15/2021

Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return is due. This is the final deadline.

11/1/2021

Employers on extension must file Form 5500, Annual Return/Report of Employee Benefit Plan (or Form 5500-EZ) by this date.

11/1/2021

Third quarter payroll tax returns are due for tax year 2021.

11/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

11/15/2021

A deposit is due for the Federal Unemployment Tax Act (FUTA) tax if more than $500 was paid through September 30, 2021.

11/30/2021

Tax returns are due for exempt corporations using the calendar year. This is the final deadline.

12/15/2021

Employers must make a monthly payroll tax deposit on the 15th of each month.

1/15/2022

Employers must make a monthly payroll tax deposit on the 15th of each month.

1/17/2022

The fourth quarter estimated tax payment is due for individuals for tax year 2021.

1/31/2022

The fourth quarter estimated tax payment is due for estates and trusts for tax year 2021.

1/31/2022

Fourth quarter payroll tax returns are due for tax year 2021.

1/31/2022

Annual payroll reports are due for 2021.

conclusion

Maximize your tax savings and stay on top of your tax deadlines with the help of your trusted Chugh CPAs, LLP professional