PPP and COVID-19 Tax Updates and Information

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Tax Due Dates for April 2021

Posted on April 1st, 2021

NOTE:

The 2021 April 15 tax filing deadline has been extended to May 17, 2021. Please check the IRS website for more information or contact Russo CPA for help.

 

April 12

Employees who work for tips – If you received $20 or more in tips during March, report them to your employer. You can use Form 4070.

 

April 15

Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in March.

Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in March.

Individuals – If you are not paying your 2021 income tax through withholding (or will not pay in enough tax during the year that way), pay the first installment of your 2021 estimated tax. Use Form 1040-ES.

Corporations – File a 2020 calendar year income tax return (Form 1120) and pay any tax due. If you want an automatic 6-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in taxes.

Corporations – Deposit the first installment of estimated income tax for 2021. A worksheet, Form 1120-W, is available to help you estimate your tax for the year.

 

April 30

Employers – Federal unemployment tax. Deposit the tax owed through March if more than $500.

Employers – Social Security, Medicare, and withheld income tax. File form 941 for the first quarter of 2021. 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 quarter in full and on time, you have until May 10 to file the return.

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