This is general information for taxpayers and should not be relied upon as the only source of authority.  Taxpayers should seek professional tax advice for more information.

Tax information to keep you updated. 

HELPFUL INFORMATION

                                                                                 Tax Calendar


April

Friday, 04/02/2021
Deposit payroll tax for payments on Mar 27-30 if the semiweekly deposit rule applies.
Wednesday, 04/07/2021
Deposit payroll tax for payments on Mar 31 - Apr 2 if the semiweekly deposit rule applies.
Friday, 04/09/2021
Deposit payroll tax for payments on Apr 3-6 if the semiweekly deposit rule applies.
Monday, 04/12/2021
Employers: Employees are required to report to you tips of $20 or more earned during March.
Wednesday, 04/14/2021 

Deposit payroll tax for payments on Apr 7-9 if the semiweekly deposit rule applies.
Thursday, 04/15/2021
Corporations: File Form 1120 for calendar year and pay any tax due. For automatic 3-month extension, file Form 7004 and deposit estimated

     tax
Form 1120-F filers:  Due dates can vary for Form 1120-F filers, depending on if the foreign corporation has a U.S. place of business and on the

     year-end of the foreign corporation.  Please see instructions.
File Forms 990-T (Section 401(a) or 408(a) trusts) or Form 1120-POL for years ending 12/31/20
Withholding Agent: File Forms 1042-S if you timely requested a 30-day extension. Furnish Forms 1042-S to recipients if you timey requested a

     30-day extension.
Deposit payroll tax for Mar if the monthly deposit rule applies.
Partnerships: File Form 8813 quarterly payment voucher and pay any tax due.
Estates and Trusts: File Form 1041 for calendar year entities and pay any tax due.
Tax Exempt Orgs: Deposit Estimated Tax for 1st quarter due on Unrelated Business Taxable Income for Tax-Exempt Organizations. Use Form

     990-W to determine the amount of estimated tax payments required.
Friday, 04/16/2021 

Deposit payroll tax for payments on Apr 10-13 if the semiweekly deposit rule applies.
Wednesday, 04/21/2021
Deposit payroll tax for payments on Apr 14-16 if the semiweekly deposit rule applies.
Friday, 04/23/2021
Deposit payroll tax for payments on Apr 17-20 if the semiweekly deposit rule applies.
Wednesday, 04/28/2021
Deposit payroll tax for payments on Apr 21-23 if the semiweekly deposit rule applies.
Friday, 04/30/2021
Deposit payroll tax for payments on Apr 24-27 if the semiweekly deposit rule applies.
File Form 730 and pay the tax on wagers accepted during March.
Employers: File Form 941 for the first quarter.
File Form 2290 and pay the tax on vehicles first used in March.
File Form 720 for the first quarter.
Deposit FUTA tax owed through Mar if more than $500.


May

Wednesday, 05/05/2021
Deposit payroll tax for payments on Apr 28-30 if the semiweekly deposit rule applies.
Friday, 05/07/2021
Deposit payroll tax for payments on May 1-4 if the semiweekly deposit rule applies.
Monday, 05/10/2021
File Form 941 for the first quarter if you timely deposited all required payments.
Employers: Employees are required to report to you tips of $20 or more earned during April.
Wednesday, 05/12/2021

Deposit payroll tax for payments on May 5-7 if the semiweekly deposit rule applies.
Friday, 05/14/2021
Deposit payroll tax for payments on May 8-11 if the semiweekly deposit rule applies.
Saturday, 05/15/2021
File Form 8886-T (Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction)
File Form 8038, 8038-B, 8038-G, 8038-TC for bonds issued in Jan/Feb/Mar 2021
Monday, 05/17/2021
Individuals: File Form 1040 or 1040SR and pay any tax due. For automatic extension file Form 4868 and deposit estimated tax. Pay the first

     installment of 2021 estimated tax - Use Form 1040-ES.
File Forms 990, 990-EZ, 990-PF, 990-N, 990-BL, 990-T (Trusts other than section 401(a) or 408(a) trusts), 4720, or 8868 for years ending

     12/31/20
Deposit payroll tax for Apr if the monthly deposit rule applies.
Non-Resident Alien Individuals who received wages as an employee subject to U.S. income tax withholding: File Form 1040NR or 1040NR-EZ. 

     For an automatic extension, file Form 4868.
Household Employers: File Sch. H with Form 1040 if you paid $2,200 or more to a household employee.
Wednesday, 05/19/2021
Deposit payroll tax for payments on May 12-14 if the semiweekly deposit rule applies.
Friday, 05/21/2021
Deposit payroll tax for payments on May 15-18 if the semiweekly deposit rule applies.
Wednesday, 05/26/2021
Deposit payroll tax for payments on May 19-21 if the semiweekly deposit rule applies.
Friday, 05/28/2021
Deposit payroll tax for payments on May 22-25 if the semiweekly deposit rule applies.


June

Tuesday, 06/01/2021
File Form 730 and pay the tax on wagers accepted during April.
File Form 2290 and pay the tax for vehicles first used during April.
Thursday, 06/03/2021
Deposit payroll tax for payments on May 26-28 if the semiweekly deposit rule applies.
Friday, 06/04/2021
Deposit payroll tax for payments on May 29 - Jun 1 if the semiweekly deposit rule applies.
Wednesday, 06/09/2021
Deposit payroll tax for payments on Jun 2-4 if the semiweekly deposit rule applies.
Thursday, 06/10/2021
Employers: Employees are required to report to you tips of $20 or more earned during May.
Friday, 06/11/2021 

Deposit payroll tax for payments on Jun 5-8 if the semiweekly deposit rule applies.
Tuesday, 06/15/2021
Deposit payroll tax for May if the monthly deposit rule applies.
Individuals: Pay the second installment of 2021 estimated tax - Use Form 1040-ES.
Individuals living outside the U.S.: File Form 1040 or 1040-SR and pay any tax, interest, and penalties due. For automatic extension of 4 months

     file form 4868 and deposit estimated tax.
Non-Resident Alien individuals who DID NOT receive wages as an employee subject to U.S. income tax: File Form 1040NR or 1040NR-EZ.  For

     an automatic extension, file Form 4868
Partnerships: File Form 8813 quarterly payment voucher and pay any tax due.
Tax Exempt Orgs: Deposit Estimated Tax for 2nd quarter due on Unrelated Business Taxable Income for Tax-Exempt Organizations. Use Form

     990-W to determine the amount of estimated tax payments required.
Partnerships: File Form 8804 and Forms 8805 for a calendar year entity that keeps its records and books of account outside the United States

     and Puerto Rico.
Corporations: Deposit the second installment of your 2021 estimated tax.
Wednesday, 06/16/2021
Deposit payroll tax for payments on Jun 9-11 if the semiweekly deposit rule applies.
Friday, 06/18/2021

Deposit payroll tax for payments on Jun 12-15 if the semiweekly deposit rule applies.
Wednesday, 06/23/2021 

Deposit payroll tax for payments on Jun 16-18 if the semiweekly deposit rule applies.
Friday, 06/25/2021 

Deposit payroll tax for payments on Jun 19-22 if the semiweekly deposit rule applies.
Wednesday, 06/30/2021
File Form 730 and pay the tax on wagers accepted during May.
File Form 2290 and pay the tax for vehicles first used during May.
Deposit payroll tax for payments on Jun 23-25 if the semiweekly deposit rule applies.


July

Thursday, 07/01/2021
File Form 11-C to register and pay annual tax if you are in the business of taking wagers.
Friday, 07/02/2021
Deposit payroll tax for payments on Jun 26-29 if the semiweekly deposit rule applies.
Thursday, 07/08/2021
Deposit payroll tax for payments on Jun 30 - Jul 2 if the semiweekly deposit rule applies.
Friday, 07/09/2021
Deposit payroll tax for payments on Jul 3-6 if the semiweekly deposit rule applies.
Monday, 07/12/2021
Employers: Employees are required to report to you tips of $20 or more earned during June.
Wednesday, 07/14/2021
Deposit payroll tax for payments on Jul 7-9 if the semiweekly deposit rule applies.
Thursday, 07/15/2021
Deposit payroll tax for June if the monthly deposit rule applies.
Friday, 07/16/2021
Deposit payroll tax for payments on Jul 10-13 if the semiweekly deposit rule applies.
Wednesday, 07/21/2021
Deposit payroll tax for payments on Jul 14-16 if the semiweekly deposit rule applies.
Friday, 07/23/2021
Deposit payroll tax for payments on Jul 17-20 if the semiweekly deposit rule applies.
Wednesday, 07/28/2021
Deposit payroll tax for payments on Jul 21-23 if the semiweekly deposit rule applies.
Friday, 07/30/2021
Deposit payroll tax for payments on Jul 24-27 if the semiweekly deposit rule applies.

​​

August

Monday, 08/02/2021
File Form 720 for the second quarter.
File Form 941 for the second quarter.
Deposit FUTA owed through June if more than $500.
File Form 2290 and pay the tax for vehicles first used during June.
File Form 730 and pay the tax on wagers accepted during June.
File Form 5500, 5500-EZ, 5500-SF, 5558, or 8955-SSA for calendar year 2020 employee benefit plan
Wednesday, 08/04/2021
Deposit payroll tax for payments on Jul 28-30 if the semiweekly deposit rule applies.
Friday, 08/06/2021
Deposit payroll tax for payments on Jul 31 - Aug 3 if the semiweekly deposit rule applies.
Tuesday, 08/10/2021
Employers: Employees are required to report to you tips of $20 or more earned during July.
File Form 941 for the second quarter if you timely deposited all required payments.
Wednesday, 08/11/2021
Deposit payroll tax for payments on Aug 4-6 if the semiweekly deposit rule applies.
Friday, 08/13/2021
Deposit payroll tax for payments on Aug 7-10 if the semiweekly deposit rule applies.
Monday, 08/16/2021
File Form 8038, 8038-B, 8038-G, 8038-TC for bonds issued in Apr/May/Jun 2021
Deposit payroll tax for July if the monthly deposit rule applies.
Wednesday, 08/18/2021
Deposit payroll tax for payments on Aug 11-13 if the semiweekly deposit rule applies.
Friday, 08/20/2021
Deposit payroll tax for payments on Aug 14-17 if the semiweekly deposit rule applies.
Wednesday, 08/25/2021
Deposit payroll tax for payments on Aug 18-20 if the semiweekly deposit rule applies.
Friday, 08/27/2021
Deposit payroll tax for payments on Aug 21-24 if the semiweekly deposit rule applies.
Tuesday, 08/31/2021
File Form 2290 and pay the tax for vehicles first used during July.
File Form 730 and pay tax on wagers accepted during July.



EFTPS users: Payments must be scheduled by 8 PM ET at least one calendar day before the tax due date.

General Information*


Did your company or client get hit with an IRS penalty? Act fast—or lose.A construction company, a C corp, was audited by the IRS for failing to obtain valid taxpayer ID numbers from its employees and implement backup withholding on those without valid TINs.  


The IRS issued a 30-day letter that included an assessment of back taxes and penalties. The company was busy at the time and decided to focus on it later.


The IRS conducted a hearing to get its money. At the hearing, the construction firm’s tax pro disputed the initial  assessment but not the IRS’s proposed collection actions. After the hearing the IRS issued a levy on the company’s assets to collect the assessments. The company said the levy was premature because it still was disputing the liability.


Held:For the IRS. The 30-day letter gave the taxpayer 30 days to contest the backup withholding liability and penalty. The taxpayer took no action during that period. It did not hire a tax professional and begin addressing the issues until after the IRS began collection actions. At that point the 30 days the taxpayer had to challenge the assessments had passed and it was too late to dispute the tax liability.


Because the taxpayer’s representative used the collection hearing to dispute the assessment instead of discussing alternative ways to pay it, the IRS was right to implement the collection actions as proposed.


AIPB tip:Your firm must dispute an auditor’s assessments by the deadline in the 30-day letter —or at least contact
the IRS employee identified in the letter and ask for additional time to present a response. Failure to respond at all within the 30-day time period eliminates the opportunity to contest liability for the taxes.

[BM Construction v. Commissioner, T.C. Memo. 2021-13]



Avoiding Bad Debt Loss with Businesses You Sell To

There is a tendency to think of collections in the extreme: good payers v. no-payers. But many customers fall in between. There are a number of ways to get your money.


Consider a cash discount. Many firms give the extra incentive to pay a discount of 2% or less if paid within 30 days. In many industries, this results in prompt payment—especially with government offices, many of which are required to take discounts. Even a “1% net
30” invoice to a government office may bring in funds promptly.


Do not make new shipments when previous shipments are beyond terms. If the last order is still unpaid beyond the date stipulated, do not ship to the customer again until it is within terms.


Don’t ship major orders on open account if a previous order’s check bounced.Even when an earlier bad check is made good, the bad check is still a red flag you can’t afford to ignore. If you must send some of the 7 order for business reasons, ship no more than you can afford to lose.


What to look for:Legal developments involving your customer that may result in limiting its ability to pay you.
For example:
     1. Your customer’s name in new lawsuits. Good collectors remember customers’ names and can spot them quickly. But just because

         your customer is a defendant does not necessarily mean it owes money or has financial problems. Many lawsuits have nothing to do

         with unpaid funds. Still, if you think the lawsuit may squeeze your customer financially, you may want to tighten your credit     

         restrictions.
    2. Read the section that lists tax liens filed—a screeching alarm of possibly deep trouble. If your debtor’s name turns up, give that file

        top priority and accelerate the collections schedule.
    3. See if a missing debtor’s name appears in #1 or #2. You may find a missing customer.



Watch for these other “red flags.” The following signals do not always indicate signs of problems, but should at least spur an investigation. Too often these red flags are seen clearly after it is too late to recover unpaid debt.

Customer orders red flags

  • Is there a new company name on the order?
  • Are you suddenly being asked for extended terms?
  • Is the size of the order materially different from previous orders?
  • Is a different person signing the order form?

Customer payment red flags

  • Is the customer paying later than previously?
  • Did the check fail to clear the first time?
  • Is the customer’s check drawn on a new bank?
  • Does the check have a new company name?
  • Is a different person signing the checks?

Changes in place of business red flags

  • Has the customer’s address changed?
  • Did the customer close a facility?
  • Has there been a recent fire, theft or vandalism at the customer’s business?
  • Changes in customer contact red flags 
  • Are your phone calls returned?
  • Are your letters answered?
  • Are excuses for non-payment flimsy?

Negative reports red flags

  • Has a customer’s officer appeared in an unfavorable light in a news item?
  • Have news reports mentioned trouble in your customer’s industry or locale?
  • Does your customer rely on a major company or industry having financial woes or a scandal?
  • Has a new product or service endangered your customer’s business?

Public records and filings red flags

  • Are suits being filed against your customer based on accounts due?
  • Are UCC filings being made on your customer?
  • Has your customer appeared in a list of newly filed lawsuits or tax liens?


Company Owners/Clients - ALERT!

New IRS audits aim at business owners. One IRS campaign will focus on high-income self-employeds and small-business owners who do not file income tax returns. The IRS will use information returns such as K-1s, W-2s, 1099s, and 1120S and 1065 partnership returns, review foreign-reported data, currency transactions and suspicious activity reports, and whistleblower claims.


A second campaign will target high-income taxpayers who file complex returns—usually a 1040 that has flow-through income from S corps, partnerships, trusts and other financial interests.  Unlike past audits, these will be conducted by teams of auditors simultaneously reviewing all or most sources of income on the return. Each auditor will focus on one part of the return, so that each entity associated with the return will be audited along with the individual taxpayer. 


Both campaigns may refer taxpayers for criminal investigation, but the first one emphasizes criminal referrals more because failure to file returns or report all income was done knowingly. Some audits in the first campaign will be initiated by letter, many will begin with an unannounced visit so the taxpayers’ statements will be on the record before they can consult with a tax advisor or review their records.


What your client or company owner should be doing right now. Anyone who might be included in either IRS campaign should be bringing themselves into compliance with tax law before the IRS audits begin. [Tax Notes Today]


* Disclaimer - General Information provided with permission from the American Institute of Professional Bookkeepers (AIPB).