It’s January 31, 2022! Are You Ready For Your IRS Deadlines?!
It’s officially a new year and a new tax season! The new year is a time for growth, change, and year-end filing deadlines. January is an especially busy time for business owners and tax professionals, but TaxBandits is here to help you manage it all. Even if you waited until the last minute to file your forms!
Here are some important deadlines to be on the lookout for in 2022!
Form W-2
Form W-2 is a wage tax form that reports the wages you paid to your employees and the taxes that you withheld from their pay. This includes Social Security, Medicare, and income taxes.
1099 Forms
These are the two most common types of 1099 Forms:
Form 1099-NEC
- IRS Form 1099-NEC is used to report payments ($600 or more) made to nonemployees. Previously, this was reported on box 7 of Form 1099-MISC. Now, the IRS has separated the reporting for nonemployee compensation by reintroducing the 1099-NEC Form for the 2020 tax year.
Form 1099-MISC
- IRS Form 1099-MISC is an IRS tax form that reports payments other than nonemployee compensation made by a trade or business to others. Form 1099-MISC is also used to report payments made for rent, fishing boat proceeds, medical and health care payments, prizes, awards, and more.
Recipient copies of Form 1099-MISC have two separate deadlines depending on the information in boxes 8 and 10:
- Recipient copies with no data in box 8 or 10 are due by January 31, 2022
- Recipient copies with data in box 8 or 10 are due by February 15, 2022
The electronic filing deadline for Form 1099-MISC is March 31, 2022.
The following 1099 forms are also required to be postmarked and distributed by January 31, 2022:
94x Forms
94x forms are due on a quarterly basis. The following due dates are listed below:
First-Quarter (January, February, March) is due on April 30, 2021
Second-Quarter (April, May, June) is due on August 2, 2021
Third-Quarter (July, August, September) is due on November 01, 2021
Fourth-Quarter (October, November, December) is due on January 31, 2022
The due date for filing the following payroll tax forms is January 31, 2022.
Form 941
- Form 941 is the Employer’s Quarterly Federal Tax Return and it is used to report income taxes, Social Security tax, and Medicare tax withheld from employee’s paychecks as well as pay the employer’s portion of Social Security and Medicare tax.
Form 941 (Schedule R)
- CPEO’s and Section 3504 reporting agents are required to attach Schedule R (Form 941) to the aggregate Form 941. Schedule R simplifies the aggregate reporting process by allocating aggregate wages reported on Form 941 to each of their clients.
Form 941-PR
- Employer’s Quarterly Federal Tax Return (Puerto Rican Version)
Form 941-SS
- Form 941-SS is the US Territories Employer’s Quarterly Federal Tax Return filed by wage-paying employers in American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the US Virgin Islands. If you own and operate a business with employees in US territories, you will need to file IRS Form 941-SS quarterly.
Form 940
- Form 940 is the Employer’s Annual Federal Unemployment (FUTA) Tax Return. The FUTA tax provides funds for paying unemployment compensation to workers who have lost their jobs. Only employers pay FUTA tax and it is not deducted from their employees’ wages.
Form 940 (Schedule R)
- CPEOs and agents of home care service recipients approved by the IRS under section 3504 are required to attach Schedule R (Form 940) to Form 940. Schedule R simplifies the aggregate reporting process by allocating aggregate wages, taxes, credits, deposits, and payment amounts to be reported on Form 940.
Form 943
- Form 943 is used by employers in the agriculture industry to report tax withholding for farmworkers. This form is required to be filed with the IRS on an annual basis.
Form 944
- IRS Form 944 is specifically for small business owners to report annual federal income tax & FICA tax with the IRS. Small employers with an annual liability of $1,000 or less for Social Security, Medicare, and federal income tax have to file annual information returns instead of the quarterly form 941.
Form 945
- Form 945, Annual Return of Withheld Federal Income Tax, is used to report tax withheld under backup withholding requirements from all non-employees, independent contractors, or freelancers.
Upcoming Deadlines: Affordable Care Act Forms
These deadlines will be here before you know it, get started now!
Form 1095-B is reported to the IRS by health coverage providers who offer minimum essential coverage to any individuals during a calendar year as well as non-ALE employers offering self-insured coverage.
Minimum essential coverage includes government-sponsored programs, eligible employer-sponsored plans, individual market plans, and other coverage the Department of Health and Human Services designates as minimum essential coverage.
Due Dates for Filing Form 1095-B in 2022
- Furnishing Employee Copies: March 02, 2022
- Electronic Filing: March 31, 2022
Form 1095-C is filed with the IRS by applicable large employers (ALE).
Due Dates for Filing Form 1095-C in 2022
- Furnishing Employee Copies: March 02, 2022
- Electronic Filing: March 31, 2022
TaxBandits
TaxBandits is here to simplify all of your year-end IRS tax filing requirements. Ready to get started and e-file your forms before midnight? Create a free TaxBandits account today or sign in to your existing account and start filing!
