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February 2021 Individual Due Dates

February 1 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 1 - File 2020 Individual Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment If you file your prior year’s individual income tax return and pay any tax due by this date, you need not make the 4th Quarter Estimated Tax Payment that was otherwise due in January. February 1 - Individuals Who Must Make Estimated Tax Payments If you didn't pay your last installment of estimated tax by January 15, you may choose (but aren't required) to file your income tax return (Form 1040 or Form 1040-SR) for 2020 by February 1. Filing your return and paying any tax due by February 1 prevents any penalty for late payment of the last installment. If you can't file and pay your tax by February 1, file and pay your tax by April 15.

February 10 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.


February 16 - Last Date to Claim Exemption from Withholding


If you are an employee who claimed an exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.


February 2021 Business Due Dates


February 1 - 1099-NECs Due to Service Providers & the IRS


If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as nonemployee compensation during 2020, you are required to provide Form 1099-NEC to those workers by February 1. “Nonemployee compensation” can mean payments for services performed for your business or rental by an individual who is not your employee, commissions, professional fees and materials, prizes and awards for services provided, fish purchases for cash, and payments for an oil and gas working interest. In order to avoid a penalty, copies of the 1099-NECs also need to be sent to the IRS by February 1, 2021. The 1099-NECs must be submitted on optically scannable (OCR) forms. This firm prepares 1099s in OCR format for submission to the IRS with the 1096 submittal form. This service provides both recipient and file copies for your records. A business or individual who is required to file 250 or more information returns (i.e., 1099s among others) must file those forms electronically. Please call this office for preparation assistance.


February 1 - Form 1098 and Other 1099s Due to Recipients Form 1098 (Mortgage Interest Statement) and Forms 1099, including 1099-NEC (see above) are due to recipients by February 1. The IRS’ copy, other than for 1099-NECs, is not due until March 1, 2021, or March 31, 2021 if electronically filed. These 1099s may be reporting the following types of income:

  • Dividends and other corporate distributions

  • Interest

  • Rent

  • Royalties

  • Payments of Indian gaming profits to tribal members

  • Profit-sharing distributions

  • Retirement plan distributions

  • Original issue discount

  • Prizes and awards

  • Medical and health care payments

  • Debt cancellation (treated as payment to debtor)

February 1 - Employers - W-2s Due to All Employees & the Government


EMPLOYEE’S COPY: All employers need to give copies of the W-2 form for 2020 to their employees. If an employee agreed to receive their W-2 form electronically, post it on a website and notify the employee of the posting. GOVERNMENT’S COPY: W-2 Copy A and Transmittal Form W-3, whether filed electronically or by paper, are due January 31 to the Social Security Administration.


February 1 - File Form 940 - Federal Unemployment Tax


File Form 940 (or 940-EZ) for 2020. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.

February 1 - File Form 941 and Deposit Any Undeposited Tax


File Form 941 for the fourth quarter of 2020. Deposit any undeposited Social Security, Medicare and withheld income tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.

February 1 - File Form 943 All farm employers should file Form 943 to report Social Security, Medicare taxes and withheld income tax for 2020. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.


February 1 - File Form 945


File Form 945 to report income tax withheld for 2020 on all non-payroll items, including back-up withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.


February 10 - Non-Payroll Taxes File Form 945 to report income tax withheld for 2020 on all non-payroll items. This due date applies only if you deposited the tax for the year in full and on time.


February 10 - Social Security, Medicare and Withheld Income Tax


File Form 941 for the fourth quarter of2020. This due date applies only if you deposited the tax for the quarter in full and on time.


February 10 - Certain Small Employers


File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2020. This due date applies only if you deposited the tax for the year in full and on time.


February 10 - Farm Employers


File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2020. This due date applies only if you deposited the tax for the year timely, properly, and in full.


February 10 - Federal Unemployment Tax


File Form 940 for 2020. This due date applies only if you deposited the tax for the year in full and on time.


February 16 - Social Security, Medicare and Withheld Income Tax


If the monthly deposit rule applies, deposit the tax for payments in January.


February 16 - Non-Payroll Withholding


If the monthly deposit rule applies, deposit the tax for payments in January.


February 16 - Payroll Withholding

Employers begin withholding for employees who claimed exemption from withholding in 2020 but have not provided a W-4 (or W-4(SP)) to continue the exemption for 2021. February 16 - All Businesses The following information statements are due to recipients to whom certain payments were made during 2020: Form 1099-B (Proceeds from Broker and Barter Exchange Transactions), Form 1099-S (Proceeds from Real Estate Transactions) and Form 1099-MISC (Miscellaneous Income) if substitute payments are reported in Box 8 or gross proceeds paid to an attorney are reported in Box 14. With consent of the recipient, the 1099 can be issued electronically.


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