With the multiple penalties for late, incorrect, or missing filings, it is important to note the following deadlines. With the challenges faced by the IRS and Postal Services, any paper filings should be sent certified to prove filing dates. This calendar notes important tax deadlines for the first quarter of 2022.
January 18 (Tuesday) — Individual taxpayers’ final 2021 estimated tax payment is due.
January 31 — Please note the penalties are based upon each information form and each payee statement which are late or incorrect -$50 for first 30 days, $110 through August 1 and $280 thereafter.
February 28 — File 2021 Form 1099-MISC (“Miscellaneous Income”) reporting certain payments to certain persons and provide copies to recipients, along with a related Form 1096 (“Annual Summary and Transmittal of U.S. Information Returns”) to the IRS. (Above penalties also apply to the filings of these forms.)
March 15 — 2021 tax returns must be filed or extended for calendar-year partnerships and S corporations. If the return isn’t extended, this is also the last day for those types of entities to make 2021 contributions to pension and profit-sharing plans. For each month of late filing, the penalty is $210 for each Schedule K-1. For example, a return filed two months late with 2 owners will incur a penalty of $840.
*At press time, the IRS hadn’t yet released instructions for 2021 Forms 940, 943 and 945. The due dates shown are based on those for 2020.
If you have any questions about the content of this publication, or if you would like more information about HoganTaylor's Tax practice, please email Tony Otto, Tax Practice Lead, at jotto@hogantaylor.com. You may also contact Denise Felber, Tax Partner, at dfelber@hogantaylor.com
INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.