Important 2022 First Quarter Tax Deadlines
Keeping up with the abundance of tax deadlines during the year can be a challenging and stressful undertaking, so we have compiled this list to help guide you through some of the key upcoming first quarter deadlines.
January 01, 2022: Everyone
This is everyone’s favorite date as it marks the start of the 2022 tax year! Although not a deadline, this is a great time to start gathering and organizing important information that will be used for filing your 2021 taxes. Tax documents typically start being sent around this time, and by January 31, 2022, you should have many of the important tax documents required to begin your return.
Tax season and stress seem to go hand in hand for most individuals, business owners, and preparers themselves, but getting a head start on your taxes and staying in contact with your accountant will alleviate this last-minute anxiety for everyone.
Employees, be sure to contact your employer if you have not received all vital tax documents by January 31, 2022.
January 10, 2022: Employees who work for tips
Employees who received $20 or more in tips during December 2021 must report the full amount to employers using Form 4070. Remember that all tips of $20 or more should be reported by the 10th of every month throughout the year. Exceptions include if the 10th falls on a weekend or a legal holiday, in which case an employee can report on the following workday.
If you have missed any of the deadlines for tip reporting, do not worry! You can use Form 4137, Social Security and Medicare Tax on Unreported Tip Income, to report any missed tips. This amount will be included as additional income on your Form 1040 individual tax return.
January 18, 2022: Individuals who did not pay income tax through withholdings
Most employees do not have to worry about this tax deadline, but for those that did not have their taxes automatically withheld from their income throughout 2021, Form 1040-ES, Estimated Tax for Individuals, must generally be filed. This form will help you make your installment payment for your estimated income tax for 2021. Both filing and payment are due on the above date.
Exceptions and Alternatives:
If you file your 2021 return using Form 1040, U.S. Individual Income Tax Return (Form 1040-SR for individuals 65 or over), and the return is filed and tax paid by January 31, 2022, you do not have to pay this installment.
Farmers and Fishermen have the option to file Form 1040-ES and pay all estimated taxes for 2021 by January 18, 2022. Alternatively, they may file Form 1040 or Form 1040-SR and pay all taxes due by March 1, 2022. No penalty will incur for farmers and fishermen if paid in full by March 1, 2022.
January 31, 2022: All businesses
All businesses must give their annual information statements to recipients of certain payments made during 2021 by the above date. This can be done by using Form 1099-MISC, Miscellaneous Income, or other appropriate information return. For information regarding what payments qualify for Form 1099, please visit the IRS website. Information regarding general instructions for certain information returns can also be found on the IRS website.
All payers of nonemployee compensation must file Form 1099-NEC for nonemployee compensation paid in 2021. Any individual who received $600 or more in nonemployee compensation is entitled to Form 1099-NEC. Examples of such individuals typically include contractors, freelancers, sole proprietorships, and self-employed individuals.
All businesses with employees must fill out and file two copies of Form W-2 for each employee by the above date. One W-2 must be submitted to the IRS while the other should be sent to the employee.
If you have 2021 fourth quarter payroll tax returns, Form 941, the filing deadline is above.
February 15, 2022: Individuals exempt from income tax withholding
If you claimed exemption from income tax withholding last year using the Form W-4, you must file a new Form W-4 by the above date if you wish to continue your exemption for another year.
February 15, 2022: All businesses
All businesses must give their annual information statements to recipients of certain payments made during 2021 by the above date for the following types of payments:
- All payments reported on Form 1099-B.
- All payments reported on Form 1099-S.
- Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 10 of Form 1099-MISC.
February 28, 2022: All businesses
All businesses must file with the IRS those information returns described previously under the January 31, 2022: All businesses deadline by the above date.
You should utilize a separate Form 1096 to summarize and transmit the forms for each type of payment. Please visit the General Instructions for Certain Information Returns on the IRS website for detailed information.
Exceptions:
Form 1099-NEC reporting nonemployee compensation must be filed by January 31, 2022.
If you file Forms 1097, 1098, 1099 (excluding 1099-NEC), 3921, 3922, or W-2G electronically, the deadline for IRS filing is March 31, 2022, otherwise, the deadline remains as stated above.
March 15, 2022: Partnerships
File Form 1065, U.S. Return of Partnership Income, by the above date.
Ensure each partner has been provided with a copy of their Schedule K-1 (Form 1065) prior to or on this filing date. Visit IRS website for information regarding extensions.
March 15, 2022: S Corporations
File Form 1120-S, U.S. Income Tax Return for an S Corporation, and pay any tax due by the above deadline. Each shareholder must be provided with a copy of their Schedule K-1 (Form 1120-S). Visit the IRS website for information regarding extensions.
Any business wishing to be treated as an S corporation for the calendar year 2022 must file Form 2553 by the above deadline. If this form is filed late, S corporation treatment will not begin until calendar year 2023.
March 31, 2022: All businesses
If you file Forms 1097, 1098, 1099 (excluding 1099-NEC), 3921, 3922, or W-2G electronically, the above date is the due date for IRS filing. Paper filing of these forms is due February 28, 2022.
All the listed forms must generally be given to the payment recipients by January 31, 2022.
Conclusion
Tax season can certainly feel overwhelming, and late fees and penalties only add to that stress. HHM CPAs aims to alleviate this avoidable burden by keeping you up to date with the latest tax information.
Please note that this list is not comprehensive but rather it is meant to act as your general guide to the most prevalent first quarter deadlines this tax season.