Aimlon CPA | Selected tax deadlines for individual and business taxpayers

By Mathieu Aimlon, CPA | Expert-comptable diplômé, France (non inscrit) |

The Internal Revenue Service (IRS) is charged with the administration of federal taxes. Each year, the federal agency collects about $3 trillion in taxes and generates nearly 96% of the funding that the Federal Government needs for its operations. During the fiscal year October 1, 2019 September 30, 2020, the IRS processed more than 240 million tax returns and forms, down from 253 million the previous fiscal year. Individual and business income tax returns and employment tax returns account for 218 million (90%) of the returns and forms filed in the fiscal year ended September 30, 2020.

With 157 million tax returns filed in the fiscal year ended September 30, 2020, up from 154 million the previous fiscal year, individual income tax returns represent about two returns out of three filed during that period. In comparison, 11 million business income tax returns were filed during the same period. This represents only 5% of the number of returns and forms filed.

During the fiscal year ended September 30, 2020, the IRS collected nearly $3.5 trillion in Federal taxes paid by individuals and businesses. Individual income tax and employment taxes account for $3.1 (88%) of the $3.5 trillion collected during that fiscal year:

• individual taxpayers paid $1.9 trillion (54%) of the $3.5 trillion collected;
• businesses paid $264 billion in business income tax, and
• individual taxpayers and businesses paid $1.3 trillion of employment taxes. Employment taxes include payroll tax, self-employment tax.

The IRS issued more than $736 billion in refunds out of the $3.5 trillion collected in the fiscal year ended September 30, 2020.

Most of the individual income tax returns are filed between January and April. The IRS kick off the 2022 tax season on January 24, 2022. We’d like to remind you of the following upcoming tax due dates.

January 15, 2022: sole proprietors, contractors, single member of limited liability companies and other income earners who are not on payroll should make their fourth quarter 2021 estimated tax payment.

January 31, 2022: employers must provide copy of their employees’ IRS Form w-2 and file a copy with the Social Security Administration (SSA). If your organization is using a payroll processing company to process payroll, they’ll usually handle these for you.

Organizations or sole proprietors are required to report on IRS Form 1099-MISC NEC payments to certain vendors by January 31, 2022. They must provide copy of Form 1099-MISC NEC to the vendors by the same date.

February 28, 2022: due date of IRS Form w-2 and Form 1099-MISC NEC for organizations that requested by January 31, 2022 an extension of time to file those forms.

March 15, 2022: due date of the U.S. Return of Partnership Income, Form 1065 and the U.S. Income Tax Return for an S Corporation, Form 1120-S that close their books on December 31.

April 18, 2022: due date of the U.S. Individual Income Tax Return, Form 1040 or 1040-SR and the U.S. Nonresident Alien Income Tax Return, Form 1040-NR. This year Tax Day is April 18 instead of April 15 because of the Emancipation Day holiday in Washington DC, even if you don’t live in Washington DC.

Corporations, sole proprietors, contractors, single member of limited liability companies that are not a business and other income earners who are not on payroll should make their first quarter 2022 estimated tax payment.

The U.S. Corporation Income Tax Return for organizations that close their books as of December 31 is also due.

April 19, 2022: due date of the U.S. Individual Income Tax Return, Form 1040 or 1040-SR and the U.S. Nonresident Alien Income Tax Return, Form 1040-NR if you live in Maine or Massachusetts. Tax Day is April 19 in those two states because of the Patriots’ Day holiday.

June 15, 2022: due date of the U.S. Individual Income Tax Return, Form 1040 or 1040-SR if as of April 18, 2022 you live outside the United States and Puerto Rico and your main place of work is outside the United States and Puerto Rico, or you’re in military or naval service on duty outside the United States and Puerto Rico.

Corporations, sole proprietors, contractors, single member of limited liability companies that are not a business and other income earners who are not on payroll should make their second quarter 2022 estimated tax payment.

September 15, 2022: extended due date of the U.S. Return of Partnership Income, Form 1065 and the U.S. Income Tax Return for an S Corporation, Form 1120-S that close their books on December 31.

Corporations, sole proprietors, contractors, single member of limited liability companies that are not a business and other income earners who are not on payroll should make their third quarter 2022 estimated tax payment.

October 17, 2022: extended due date of the U.S. Individual Income Tax Return, Form 1040 or 1040-SR and the U.S. Nonresident Alien Income Tax Return, Form 1040-NR.

Extended due date of the U.S. Corporation Income Tax Return for organizations that close their books as of December 31.

December 15, 2022: due date of the fourth quarter 2022 estimated income tax return for corporations that close their books on December 31.

January 16, 2023: sole proprietors, contractors, single member of limited liability companies that are not a business, and other income earners who are not on payroll should make their fourth quarter 2022 estimated tax payment.

States tax due date generally follow the federal tax due date with a few exceptions where the tax return is due a month later.

Have a hassle-free 2022 tax season!

Author:

• Mathieu Aimlon, CPA, Expert-comptable diplômé, France (non inscrit), is a principal at Aimlon CPA P.C., which provides comprehensive accounting, auditing, and tax services to businesses and nonprofit organizations throughout the United States and in France.
• https://www.linkedin.com/company/aimlon-cpa-p-c/

Compliments of Aimlon, CPA P.C. – a member of the EACCNY.