If you’re a small business owner looking for more information about payroll taxes, then you’re in the right place! We, here at Bullseye Tax Relief, are happy to share what we know about payroll taxes, tax resolution opportunities and tax relief strategies for individuals and businesses.
In our most recent blog posts, we’ve been discussing payroll taxes in great detail. We started the series off with our post Tax Resolution for Businesses: Payroll Tax, where we talked about payroll taxes (also known as employment taxes) and what they are. If you’re new to this payroll tax series, we recommend you start there! Following that, we discussed payroll tax reporting and answered questions about special circumstances for payroll tax reporting.
In our last two posts, we’ve started to talk about the different due dates for IRS paperwork related to payroll taxes. As you can guess from the title, in Payroll Tax Due Dates: January, we discussed the forms a business owner with employees is required to file with the IRS by January 31st (as of January 22, 2021). And, as you’ll see soon, there is actually one additional IRS form that can be filed quarterly and January 31st is one of those quarterly dates.
But first, let’s discuss the IRS paperwork due by March 31st for employers.
Payroll Tax Due Dates: March
As of January 22nd, 2021, according to the IRS Page Employment Tax Due Dates, employers are required to file the following forms by March 31st:
- “File electronic Form 1099, other than those with entries in box 7, (see By January 31 above,)
- “and electronic Form 8027 with the IRS. (See Publication 1220 for help in electronically filing Forms 1099 and Publication 1239 PDF (PDF) for help in electronically filing Forms 8027.)”
If you read our previous post, Payroll Tax Due Dates: February, you might recognize these two forms. These are the same forms that were required to be filed in February, with the distinction that the forms filed in February must be done manually, while employers willing to file electronically can wait until the end of March to file the same forms.
Payroll Tax Due Dates: Quarterly
As we mentioned above, there are also quarterly filings required for employers. As of January 22nd, 2021, according to the IRS Page Employment Tax Due Dates, these quarterly due dates are “April 30, July 31, October 31, and January 31 (for the fourth quarter of the previous calendar year).”
On these dates, according to the IRS Page Employment Tax Due Dates, employers are required to “file Form 941, Employer’s QUARTERLY Federal Tax Return.” But, like some of the forms we’ve discussed in previous posts, “if you timely deposited all taxes when due, you have 10 additional calendar days to file the return.”
If you’ve read all of our payroll tax blog posts so far, you’ve seen all the different dates, all the different paperwork you have to file and all the different components of payroll taxes you have to consider. Don’t go it alone! The tax specialists at Bullseye Tax Relief are here to help! If you have any questions about payroll taxes or tax resolution options, contact us today!