Important Due Dates to Check on the Month of May 2022

Important Due Dates to Check on the Month of May 2022

Important things to know about business this 2022

 

Individual Due Dates

May 10 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 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.

 

See Relax Tax’s Debt Guide at relaxtax.com/debt

 

May 31 - Final Due Date for IRA Trustees to Issue Form 5498

Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2021. The FMV of an IRA on the last day of the prior year (Dec 31, 2021) is used to determine the required minimum distribution (RMD) that must be taken from the IRA if you are age 72 or older during 2022.

  

Business Due Dates

May 2 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the first quarter of 2022. Deposit or pay any undeposited tax under the accuracy of deposit rules. 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 May 10 to file the return.

May 2 - Federal Unemployment Tax

Deposit the tax owed through March if it is more than $500.

 

 

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May 10 - Social Security, Medicare and Withheld Income Tax

File Form 941 for the first quarter of 2022. This due date applies only if you deposited the tax for the quarter in full and on time.

May 16 - Employer’s Monthly Deposit Due

If you are an employer and the monthly deposit rules apply, May 16 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for April 2022. This is also the due date for the non-payroll withholding deposit for April 2022 if the monthly deposit rule applies.

 

Dennis Harabin at Relax Tax is an expert in taxes, insurance, and debt. Contact him today!

 

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