We hope you are looking forward to what this new year will bring, we are!
Did you know that the standard mileage rates have increased for 2022?
You can read more about the details in this article from the Journal of Accountancy.
Tax Deadlines…
For your convenience, here is a list of the upcoming deadlines:
Employers or Institutions (IRS Form W-2 and Form 1099)
These must be sent to employees or independent contractors by Monday, January 31, 2022, to avoid penalties.
Last year the IRS released a new Form 1099-NEC for nonemployee compensation. Form 1099-NEC replaces Form 1099-MISC for nonemployee compensation only. If you haven’t already, please let us know as soon as possible if you would like our assistance with the mapping setup required in your accounting software to be compliant with this new form. Form 1099-NEC is due Monday, January 31, 2022, the same as Form 1099-MISC.
Individuals (IRS Form 1040)
These are due by Friday, April 15, 2022. For an automatic extension, file Form 4868, and deposit estimated tax by the same date. The extension is only for filing the return. You must submit an estimated payment amount by April 15, 2022, if you expect to owe additional income tax.
Estimated Tax Payments
Form 1040-ES, Estimated Tax for Individuals
| Payment Period | Due Date |
|---|---|
| January 1 – March 31, 2022 | Friday, April 15, 2022 |
| April 1 – May 31, 2022 | Wednesday, June 15, 2022 |
| June 1 – August 31, 2022 | Thursday, September 15, 2022 |
| September 1 – December 31, 2022 | January 15* of the following year. *See January payment in Chapter 2 of Publication 505, Tax Withholding and Estimated Tax |
| Fiscal-Year Taxpayers | If your tax year doesn’t begin on January 1, see the special rules for fiscal year taxpayers in Chapter 2 of Publication 505 |
Partnership returns (IRS Form 1065)
These are due Tuesday, March 15, 2022. The extended deadline is September 15, 2022.
Form 1065, U.S. Return of Partnership Income
S-Corporation returns (IRS Form 1120-S)
These are due Tuesday, March 15, 2022. The extended deadline is September 15, 2022. If an entity operates on a fiscal year rather than a calendar year, the return is due on the 15th day of the fourth month following the end of the fiscal year.
Form 1120-S, U.S. Income Tax Return for an S Corporation
C-Corporation returns (IRS Form 1120)
These are due Friday, April 15, 2022. The extended deadline is
October 15, 2022. If an entity operates on a fiscal year rather than a calendar year, the return is due on the 15th day of the fourth month following the end of the fiscal year.
Form 1120, U.S. Corporation Income Tax Return
Texas Franchise Tax
Annual Texas franchise tax reports are due Monday, May 16, 2022. When tax due dates fall on a weekend or holiday, the due date will be the next business day. There are distinctions between Non-EFT and EFT Franchise Taxpayers. You can see more information on the Texas Comptroller tax page.
Our team is here to help you have a great start in 2022.
Please reach out to your current DMR bookkeeper if you have any questions about the above deadlines.
You are also welcome to contact Carrie Jareed, our Virtual Client Services Coordinator at csc@dmraccounting.com, or reach out to us via our DMR Client Online Solutions Box.
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