Tax Season Already? | Filing Deadlines in 2021
Updated: Jan 19
Can you believe it’s almost time to file your taxes? As the year comes to a close, another tax season is just around the corner; don’t let filing deadlines sneak up on you in the new year!
Prior Year End Employer Report Forms | Monday, February 1st, 2021
Employers must file forms W-2, W-4, 1099-NEC, and other employer report forms by January 31st each year to avoid penalties. Because January 31st, 2021 falls on a Sunday, these forms will be due on the next business day, February 1st.
Form 1065: U.S. Return of Partnership Income | Monday, March 15th, 2021
In addition to filing form 1065, each partner should be provided with a copy of their Schedule K-1 (Form 1065). To request an automatic 6-month extension, file Form 7004. The extended deadline is September 15th, 2021.
Form 1120-S: U.S. Income Tax Return for an S Corporation | Monday, March 15th, 2021
S corporations must file their 2020 tax return and pay any tax due by March 15th, 2021. Each shareholder should also be provided with a copy of their Schedule K-1 (Form 1120-S). The extended deadline is September 15th, 2021.
PT-50P: Business Personal Property Tax Return (Georgia) | Thursday, April 1st, 2021
Georgia businesses must file a personal property tax return annually with their county tax officials. All personal property of the business must be reported, including furniture, fixtures, machinery, equipment, inventory, freeport inventory, aircraft, boats and motors, and other personal property. Form PT-50P must be filed by April 1st of each year in order to avoid a 10% penalty fee.
Form 1120: U.S. Corporation Income Tax Return | Thursday, April 15th, 2021**
For C corporations operating on a calendar year, IRS Form 1120 is due April 15th, 2021. To request an extension, file Form 7004. The extended deadline is October 15th, 2021.
**C corporations operating on a fiscal year are generally required to file Form 1120 by the 15th day of the fourth month following the end of their fiscal year; however, entities with a June 30th year end must file by September 15th, 2021.
Form 1040: U.S. Individual Income Tax Return | Thursday, April 15th, 2021
Individuals must file their 2020 income tax return and pay any tax due by April 15th, 2021. To receive an automatic 6-month extension, taxpayers may file Form 4868 and pay an estimate of tax due in order to avoid penalties and interest. The extended deadline is October 15th.
Form 1041: U.S. Income Tax Return for Estates & Trusts | Thursday, April 15th, 2021
For estates and trusts operating on a calendar year, form 1041 must be filed by April 15th, 2021. File Form 7004 to receive an automatic extension period of 5 ½ months; the extended deadline is September 30th, 2021.
Note that when filing an extension, tax owed (or an estimate of what you think you will owe) is still due by the original deadline of April 15th.
Form 990: Return of Organization Exempt From Income Tax | Monday, May 17th, 2021
Tax-exempt organizations must file an annual return by the 15th day of the 5th month after the end of the organization’s accounting period. For organizations operating on the calendar year, Form 990, 990-EZ, or 990-PF** is due May 15th of the following year; because May 15th falls on a Saturday in 2021, the filing deadline falls on the next business day: Monday, May 17th. To request an automatic 6-month extension, exempt organizations may file Form 8868. The extended deadline is November 15th, 2021.
**A private foundation filing Form 990-PF may owe tax; this amount must be paid by the original deadline of May 17th, 2021 regardless of whether or not an extension has been filed.
Have more questions about tax filing deadlines? Contact your local CPA for guidance this tax season. Don't forget to subscribe to our blog below!