Federal Tax Due Dates for Business Owners

Wages, tips, and other compensation paid to an employee must be reported to the Internal Revenue Service (IRS). The following tax forms and applicable tax deadlines may apply to your business:

January 31

• File Form W-2, Wage and Tax Statement: This form reports wages, tips, and other compensation paid to an employee. This can include fringe benefits as well, like gym memberships paid by employers. It could also include reimbursements for individually purchased health care plans. The employee must receive this form by January 31.
• File Form 940, Employer’s Annual Federal Unemployment Tax Return: The FUTA tax, combined with state unemployment systems, funds the unemployment compensation paid to workers who have lost their jobs.
• File Form 944, Employers Annual Federal (Payroll) Tax Return: Smaller employers may be authorized to file this form instead of filing the Form 941 quarterly. The IRS must send your business a letter authorizing the use of this form.
• File Form 945, Annual Return of Withheld Federal Income Tax: Used to report tax withheld from nonpayroll payments (i.e. gambling winnings, pensions, etc.)
• File Form 1099-NEC and Form 1099-MISC with the recipients by this date. Copy B should be provided.

February 28

• File Form W-2 and Form W-3, Transmittal of Wage and Tax Statements with the Social Security Administration (SSA). Copy A of these forms are required by this date if paper forms are filed.
• File Form 1099 with Form 1096, Annual Summary and Transmittal of US Information Returns with the IRS. Copy A of these forms are required by this date if paper forms are filed.
• File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips with the IRS. These forms are required by this date if paper forms are filed.

March 15

• Certain types of businesses, including S corporations, partnerships, and multi-member LLCs which are taxed as partnerships, must file federal income taxes by this date if they’re a calendar year business:
  • Form 1120S for S corporations
  • Form 1065 for partnerships

March 31

• Form W-2 is required to be filed with the SSA by this date if it’s electronically filed.
• Form 1099 is required to be filed with the IRS by this date if it’s electronically filed.
• Form 8027 is required to be filed with the IRS by this date if it’s electronically filed.

April 18

• Other types of businesses, including C corporations, Schedule C sole proprietors, single-member LLCs, and LLCs taxed as corporations, must file federal income taxes by this date if they’re a calendar year business:
  • Form 1120 for C corporations
  • Form 1040 or 1040SR for sole proprietors

Quarterly Filings

• File Form 941, Employer’s Quarterly Federal (Payroll) Tax Return on April 30, July 31, October 31, and January 31. (If a due date falls on a weekend or legal holiday, it’s pushed to the following business day.)

Many states have additional payroll filings and tax deadlines that could apply to your business. Check with a CPA or your local departments of revenue for information about your specific locality and its tax due dates.

Sources:

1. https://turbotax.intuit.com/tax-tips/tax-planning-and-checklists/important-tax-deadlines-dates/L7Rn92V1d
2. https://www.blockadvisors.com/resource-center/small-business-tax-prep/tax-deadlines/