The season is on us again to file our tax returns and it is important to be prepared for the deadlines. Note that the IRS can extend the deadlines in the cause of events that effect ability to file (i.e. natural disaster, a pandemic, etc.). While we experienced a turbulent filing season last year, our anticipation is a tax season without much disruption.
Deadlines to remember:
January 15, 2022 4th Quarter 2021 estimated tax payments due
January 31, 2022 Employer W2 to employees and 1099 to independent contractors
February 15, 2022 Financial Institutions to mail out form 1099B
February 28, 2022 Business to mail 1099 and 1096 to IRS (e-file deadline March 31,2022)
March 15, 2022 S-Corp and Partnership tax return deadline, 6 months extension due
April 18, 2022 Individual tax return filing deadline, 6 month extensions due
1st Quarter 2022 estimated tax payments due
June 15, 2022 2nd Quarter 2022 estimated tax payments due
September 15, 2022 3rd Quarter 2022 estimated tax payments due
S-Corp and Partnership Extension deadline
October 17, 2022 Individual tax return extension deadline
Corporation extension deadline
Keep in mind that an extension is only an extension of time to file, not an extension to pay. A payment will need to be sent with the extension if applicable. The failure to file penalty for 1040 return is 5% of tax due per month of the tax year 2021 up to a maximum 25%. Failure to pay penalty is one-half of 1% each month, up to a maximum of 25% of the tax due calculated from the due date. And interest will be calculated until the tax is paid in full.
Link to IRS Penalties page https://www.irs.gov/payments/penalties.
At Riedel-Hogan CPA we are here to assist with your tax filing needs. Schedule an appointment online with one of our qualified tax professionals at or call our office at 502-708-1118.
Anne-Marie Hogan CPA 1-02-2022