Important Due Dates to Check on the Month of February 2022

Important Due Dates to Check on the Month of February 2022

Important tax due dates for employers to check monthly

 

Individual Due Dates

February 4 - Tax Appointment

If you don’t already have an appointment scheduled, you should call this office at 551-249-1040 to make an appointment that is convenient for you.

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 15 - 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.

 

See this related post from Jonathan Katz: How to Attract Talents and Make Them Stay?
Companies should be more involved in society to express the message they want to send by being active and visible in the local community through charitable organizations, professional groups, and sponsoring networking events. Apart from being visible to the community, promoting the company's excellent, innovative, and unique features on the internet can greatly help in attracting talents as they are becoming more tech-savvy.

 

Important tax due dates for businesses

 

See Relax Tax’s Tax Audit Assistance at relaxtax.com/audit

 

Business Due Dates


February 10 - Certain Small Employers

File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2021. 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 2021. 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 2021. This due date applies only if you deposited the tax for the year in full and on time.

February 15 - All Businesses

The following information statements are due to recipients to whom certain payments were made during 2021: 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 10. With consent of the recipient, the 1099 can be issued electronically.

 

See this related post from Anthony Guzman: What Can Business Insurance Do To Help A Business?
USI is unique in these factors. We take a lot of the mid-market and the analytical data resources, and we bring it down to the small commercial. The mom-and-pop and the smaller businesses can take advantage of some of the larger corporations only have access to. It’s a great way to give business owners a look into the risk in a more complex and mature way instead of looking at insurance as a commodity or just an obligation. You really can use it as access for your business and for your future. Your business relies on insurance and it keeps you afloat.



February 15 - Social Security, Medicare, and Withheld Income Tax

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

February 15 - 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 2021 but have not provided a W-4 (or W-4(SP)) to continue the exemption for 2022.

February 28 - Information Returns Filing Due

File government copies of information returns (Form 1099) and transmittal Forms 1096 for certain payments you made during 2021, other than the 1099-NECs that were due January 31. There are different 1099 forms for different types of payments.

 

See this related post from Desirae Haluk, Bertha Robinson, and Vipin Singh: Characteristics of a Healthy Business
People lose sight of the fact that they are trimming and saving on a little bit of taxes and then they retire and realize they have no social security because they've been chopping out of their self-employment taxes. The nickels and dimes they've been saving come back to haunt them. So always look at all those things from the beginning. You need a plan if you're planning on selling. You got to start looking three years in advance to really look at what you're doing. You want to be in control when you're selling. You don't want to sell as a fire sale. You always want to be able to sell and let it be your choice as opposed to it being someone else's choice.



February 28 - Payers of Gambling Winnings

File Form 1096, Annual Summary and Transmittal of U.S. Information Returns, along with Copy A of all the Forms W-2G you issued for 2021. If you file Forms W-2G electronically, your due date for filing them with the IRS will be extended to March 31. The due date for giving the recipient these forms was January 31.

February 28 - Applicable Large Employers (ALE) – Form 1095-C

If you’re an Applicable Large Employer, file 1094-C, Transmittal of Employer-Provided Health Insurance Offer and Coverage Information Returns, and 1095-C with the IRS. For all other providers of minimum essential coverage, file paper Forms 1094-B, Transmittal of Health Coverage Information Returns, and 1095-B with the IRS. If you’re filing any of these forms with the IRS electronically, your due date for filing them will be extended to March 31. See the Instructions for Forms 1094-B and 1095-B and the Instructions for Forms 1094-C and 1095-C for more information about the information reporting requirements.

February 28 - Large Food and Beverage Establishment

Employers File Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, to summarize and transmit Forms 8027 if you have more than one establishment. If you file Forms 8027 electronically, your due date for filing them with the IRS will be extended to March 31.

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

 

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