February 2021 Tax Due Dates

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February 1

  • Employers – Give your employees their copies of Form W-2 for 2020. If an employee agreed to receive Form W-2 electronically, have it posted on a website and notify the employee of the posting. File Form W-3, Transmittal of Wage and Tax Statements, along with Copy A of all the Forms W-2 you issued for 2020.
  • Employers – Federal unemployment tax. File Form 940 for 2020. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you already deposited the tax for the year in full and on time, you have until February 10 to file the return.
  • Farm Employers – File Form 943 to report social security and Medicare taxes and withheld income tax for 2020. 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 year in full and on time, you have until February 10 to file the return.
  • Certain Small Employers – File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2020. Deposit or pay any undeposited tax under the accuracy of deposit rules. If your tax liability is $2,500 or more from 2020 but less than $2,500 for the fourth quarter, deposit any undeposited tax or pay it in full with a timely filed return. If you deposited the tax for the year timely, properly, and in full, you have until February 10 to file the return.
  • Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2020. 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 February 10 to file the return.
  • Employers – Nonpayroll taxes. File Form 945 to report income tax withheld for 2020 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. 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 year in full and on time, you have until February 10 to file the return.
  • Payers of Gambling Winnings – If you either paid reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of Form W-2G.
  • Payers of Nonemployee Compensation – File Form 1099-NEC for nonemployee compensation paid in 2020.
  • Businesses – Give annual information statements to recipients of certain payments made during 2020. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date only applies to certain types of payments.
  • Individuals – who must make estimated tax payments. If you did not pay your last installment of estimated tax by January 15, you may choose (but are not required) to file your income tax return (Form 1040 or Form 1040-SR) for 2020 by February 1. Filing your return and paying any tax due by February 1, 2021, prevents any penalty for late payment of the last installment. If you cannot file and pay your tax by February 1, file and pay your tax by April 15.

February 10

  • Employees who work for tips – If you received $20 or more in tips during January, report them to your employer. You can use Form 4070.
  • Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the fourth quarter of 2020. This due date applies only if you deposited the tax for the quarter in full and on time.
  • Farm Employers – File Form 943 to report Social Security and Medicare taxes and withheld income tax for 2020. This due date applies only if you deposited the tax for the year in full and on time.
  • Certain Small Employers – File Form 944 to report Social Security and Medicare taxes and withheld income tax for 2020. This tax due date applies only if you deposited the tax for the year in full and on time.
  • Employers – Nonpayroll taxes. File Form 945 to report income tax withheld for 2020 on all nonpayroll items. This due date applies only if you deposited the tax for the year in full and on time.
  • Employers – Federal unemployment tax. File Form 940 for 2020. This due date applies only if you deposited the tax for the year in full and on time.

February 16

  • Individuals – If you claimed 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.
  • Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in January.
  • Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in January.
  • All Businesses – Give annual information statements to recipients of certain payments made during 2020. You can use the appropriate version of Form 1099 or other information return. This due date applies only to payments reported on Form 1099-B, Form 1099-S, and substitute payments reported in Box 8 or gross proceeds paid to an attorney reported in Box 10 of Form 1099-MISC.
  • Employers – Begin withholding income tax from the pay of any employee who claimed exemption from withholding in 2020, but did not give you a new Form W-4 to continue the exemption this year.

March 1

  • Businesses – File information returns (for example, certain Forms 1099) for certain payments you made during 2020. However, Form 1099-NEC reporting nonemployee compensation must be filed by February 1. There are different forms for different types of payments. Use a separate Form 1096 to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, what form to use, and extensions of time to file.  If you file Forms 1097, 1098, 1099 (except a Form 1099-NEC reporting nonemployee compensation), 3921, 3922 or 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 generally remains February 1.
  • 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 2020. 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 remains February 1.
  • Health Coverage Reporting – If you are an Applicable Large Employer, file paper Forms 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 are filing any of these forms with the IRS electronically, your due date for filing them will be extended to March 31.
  • Large Food and Beverage Establishment Employers – with employees who work for tips. 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.
  • Farmers and Fishermen – File your 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2020 estimated tax by January 15, 2021.

March 2

  • Health Coverage Reporting – If you are an Applicable Large Employer, provide Form 1095-C, Employer-Provided Health Insurance Offer and Coverage, to full-time employees. For all other providers of minimum essential coverage, provide Form 1095-B, Health Coverage, to responsible individuals.

Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.