Quick Overview: Q-4 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 Q-4

October 11 – Columbus Day

November 11 – Veterans Day

November 25- Thanksgiving Day

December 24 – Christmas Day (Observed)

December 31 – New Year’s Day 2022 (Observed)

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:

October 15

General Tax Calendar

· 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.

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.

During November

Employers Tax Calendar

· Income tax withholding – Encourage employees to fill out a new Form W-4 or Form W-4(SP) for 2022 if they experienced any personal or financial changes. Examples of changes that could require a new Form W-4 include changing the filing status on a tax return. Changing the number of jobs worked during the year, and other income, deductions, or credits. The 2022 revision of Form W-4 will be available at www.IRS.gov/FormW4 by mid -December. Encourage your employees to use the IRS Tax Withholding Estimator available at www.IRS.gov/W4app.

November 1

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.

November 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.

November 15

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.

December 15

General Tax Calendar

· Deposit the fourth 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!

From: IRS Publication 509, Tax Calendars