Quick Overview: Q-3 Federal Tax Calendar Filing Dates

As federal tax laws change, it can be easy to miss a tax deadline which can cause your business to incur interest, and penalties.

There are many advantages to using a tax calendar. Tax calendars equip you with due dates that you don’t have to figure out yourself (i.e., if a due date falls on a holiday). They help you avoid missing due dates. Tax calendars already have adjusted due dates for special banking rules.

While due dates occur on a tax calendar the same day every year, there will be some years that the due dates will flex. This happens when the filing date falls on a Saturday, Sunday, or legal holiday. They will be due on the following business day.

Upcoming legal holidays for Q2

If July 5 – Independence Day (observed)

September 6 – Labor day

Tax Deposit Rules

Electronic Deposits

If your company makes all federal tax deposits electronically, you must use the Electronic Funds Transfer (EFT) when doing so. These deposits must be made on time (to avoid failure-to-deposit penalty AND interest) and done so by 8 pm EST on the day it is due. If possible, make your deposits early to avoid any last-minute complications that could cause you to file late. Be sure to follow all tax laws that pertain to your company.

General Tax Calendar

The General Tax Calendar pertains to most taxpayers. If you pay taxes based on a fiscal year rather than a calendar year, the dates will need to be changed to match your fiscal year.

Employer Tax Calendar

This calendar covers due dates for federal taxes due by the employer. These due dates include employee wage withholdings and nonpayroll amounts held out, Social Security and Medicare taxes (FICA) withheld from your employees as well as employer Medicare taxes, and federal unemployment tax (FUTA). Use this calendar with Pub. 15 so you can see the deposit rules as well. If you are a fiscal-year taxpayer, these dates still apply to your company. The only exception to this is the date for filing Forms 5500, Annual Return/Report of Employee Benefit Plan, and 5500-EZ, Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan. These employee benefit plan forms are due by the last day of the seventh month after the plan year ends.

Calendar due dates:

July 15

Employers Tax Calendar

· Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in March.

· Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in March.

By July 31

Deposit FUTA taxes for Q-2

· Deposit FUTA tax for the quarter (including any amount carried over from other quarters) if over $500. If $500 or less, carry it over to the next quarter.

File Form 941

· File Form 941 and deposit any undeposited income, social security, and Medicare taxes. You may pay these taxes with Form 941 if your total tax liability for the quarter (Form 941, line 12) is less than $2,500. If you timely deposited all taxes when due, you may file by May 10, August 10, November 10, or February 10, respectively. Don't file Form 941 for these quarters if you have been notified to file Form 944 and you didn't request and receive written notice from the IRS to file quarterly Forms 941.

August 2

Employers Tax Calendar

· Social security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2021. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can pay it in full with a timely filed return. If you deposited the tax for the quarter timely, properly, and in full, you have until May 10 to file the return.

· Certain small employers. Deposit any undeposited tax if your tax liability is $2,500 or more for 2021 but less than $2,500 for the second quarter.

· Federal unemployment tax. Deposit the tax owed through March if more than $500.

· All employers. If you maintain an employee benefit plan, such as a pension, profit-sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2020. If you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year ends. For more information on filing these forms, go to IRS.gov/ Form5500.

August 10

Employers Tax Calendar

· Social security, Medicare, and withheld income tax. File Form 941 for the first quarter of 2021. This due date applies only if you deposited the tax for the quarter timely, properly, and in full.

August 16

Employers Tax Calendar

· Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in April.

· Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in April.

September 15

General Tax Calendar

· Individuals. Make a payment of your 2021 estimated tax if you’re not paying your income tax for the year through withholding (or won't pay in enough tax that way). Use Form 1040-ES. This is the third installment date for estimated tax in 2021. For more information, see Pub. 505.

· 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, earlier. Provide each partner with a copy of their final or amended Schedule K-1 (Form 1065) or substitute Schedule K-1 (Form 1065).

· S corporations. File a 2020 calendar year income tax return (Form 1120-S) and pay any tax, interest, and penalties due. 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, earlier. Provide each shareholder with a copy of their final or amended Schedule K-1 (Form 1120-S) or substitute Schedule K-1 (Form 1120-S).

· Corporations. Deposit the third installment of estimated income tax for 2021. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

Employers Tax Calendar

· Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in May.

· Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments made in May

*All tax dates and descriptions listed are from the IRS.gov website.* For more details, go to IRS Publication 15 – Employers tax Guide for use in 2021 and IRS Publication 509 Tax Calendars for use in 2021.

Each state may have additional tax requirements, including unemployment, income, and sales and use taxes.

Please note that while we try to encompass all the information needed in this quarter, check the IRS website for all the filing dates that pertain to your business.

Is your company incurring interest and penalties due to late tax filings? We can help! Cornerstone Payroll Consulting has experienced professionals with years of experience with IRS and tax filings. Let us help you get back on track. Call today!