businessBusiness Coachingbusiness growthFinancesmall-businessImportant Tax Deadlines for Business Owners February 2022

February 3, 2022by mcdaccginc0
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If you’re reading this, this an excellent time to be proud of yourself and your team. While nothing about these past few years have been easy for any company, you have successfully made it to the second month of this year. 

But while the rest of the world is determined on catching you up in the Valentine’s Day wave, we want to remind you that there are more important dates to remember in terms of compliance.

So, before you even consider ordering that bouquet of flowers or making those dinner reservations, keep reading for MCDA CCG’s list of important tax, payroll dates coming up in February.

Tax and payroll compliance deadlines

Payroll tax deposits (for semi-weekly depositors)

Employers filing Forms 940 and 941 must deposit payroll taxes at different intervals throughout the year, depending on certain factors like the information returns they use and their past filing history. Semi-weekly depositors—those who report more than $50,000 in payroll taxes during the period of July 1, 2020, and June 30, 2021—must follow the schedule below:

However, the IRS requires those who accumulate $1000,000+ tax liability in one day deposit the amount by the following business day (regardless of whether you deposit on a semi-weekly or monthly basis). To learn more about federal payroll tax deposits, read Publication 15. 

It’s important to remember that some state and local governments that collect payroll taxes also expect their own deposits, whereas these deadlines may differ from the federal ones. For more information, contact your state and local tax agencies directly. 

February 10, 2022

Forms 940, 941, 943, 944 and 945 filing deadlines for timely depositors

These forms are typically submitted to the IRS by January 31, however, if you made timely deposits of your federal payroll taxes during the period reported, you have an additional 10 days to file these tax returns. Find out more by reading Publication 15. 

(Also, employees are required to report to you any tips of $20 or more they collected during January)

February 15, 2022

Payroll tax deposits for monthly depositors

If your company follows the monthly payroll tax deposit schedule (meaning that you reported less than $50,000 in payroll taxes during the lookback period), then your tax deposit for January payrolls is due on February 15.

Forms 1099-B, 1099-S, and 1099-MISC filing deadlines

If you are required by the IRS to file Forms 1099-B, 1099-S, or 1099-MISC (with amounts reported in box 8 or 10), then your filing due date for these forms is February 15. 

Remember, if your 1099-MISC forms have boxes 8 and 10 left empty, then your due date is February 28 instead. 

If your employee(s) claimed an exemption from income tax withholding in Tax Year 2021, they are required to provide you a new Form W-4 by February 15. If they reconfirm their exempt status for 2022, you must start to withhold as if they are single with no other adjustments starting February 16. 

Form 990 filing deadline

Tax-exempt organizations (such as non-profits) file Form 990 with the IRS to provide certain details about their organizations in order to remain compliant with IRS section 6033. 

If your organizations fiscal year ended September 30, 2021, your filing deadline for this form is February 15. 

(See the IRS Form 990 resource page to learn more.)

State 1099 and W-2 filing deadlines

Some states that require you to file 1099 forms and W-2s may follow a different schedule from the IRS. For example, states like New Jersey require these forms to be submitted by February 15 instead of January 31.

If you’re not sure of your state filing deadlines (or if any, at all), check with your state tax agency for more details. 

February 28, 2022
Form 1099-MISC filing deadline

Employers must file Form 1099-MISC with the IRS by the end of February to report certain kinds of reportable payments—such as rent, royalties, awards, and prizes—that were paid last year. If you plan on filing paper returns, you’ll also need to include Form 1096 along with them. 

For more information, read Publication 1220.

Form 8027 filing deadline

Companies in the food or beverage business must file Form 8027 with the IRS by February 28 to report receipts from food and beverages, as well as the total amount of tips your employees reported to you if you are a “large food or beverage establishment.”

To get more information about this tax document, review the form’s instructions on the IRS website.

State 1099 and W-2 filing deadlines

Some states that require you to file 1099 forms and W-2s may follow a different schedule from the IRS. For instance, California requires these forms to be submitted by February 28 instead of January 31.

If you’re not sure of your state filing deadlines (or if you need to turn in any forms at all), check with your state tax agency for more details.

February 28, 2022
Forms 1094-C, and 1095-C paper filing deadline

The Affordable Care Act requires employers to provide their employees with certain health care reporting forms every year. Employers with 50 or more full-time equivalent employees must send Form 1095-C to the IRS and to all of their employees who are eligible for health insurance coverage. The due date for furnishing Form 1095-C to employees is March 2, 2022 (except for California employees which are due January 31, 2022).

You’ll also need to turn in a cover sheet to the IRS along with your returns, in the form of Form 1094-C (for 1095-C forms). If you have less than 250 forms to file and plan to send paper documents, submit them to the IRS by February 28.

However, companies that are required to file 250 or more 1095-Cs must do so electronically by March 31.

*Important*

Remember, tax rules change over time and can vary by location and industry, so always consult a CPA or tax advisor for specific guidance. Because these past two tax season have been severely impacted by the pandemic, the IRS states that this tax season is “going to be messy” To ensure that your tax season is as smooth as possible, you need a trusted CPA/tax advisor with high-level expertise and industry-wide experience. Let one of our MCDA CCG team of financial consultants be that someone.

No matter how unique and complex your situation, we can assure your satisfaction. With tax deadlines rapidly approaching, you must act now. Give our office – headquartered in Placentia, Orange County, California- a call! ((657) 258-0577)

Other resources our readers find helpful…

10 Small Business Grants with a February Deadline to Apply

NetSuite vs. QuickBooks: “Which is Right for My Business?”

8 Common Business Bookkeeping and Accounting Weaknesses

6 Financial Tips for Clean Business Books All Year

Employee Handbooks: 9 Must-Have Policies for 2022

 

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