As the end of 2020 quickly approaches, many businesses (if they haven’t already) are planning their activities for 2021. This is especially true for payroll teams, who need to ensure that specific deadlines are met throughout the year in order to avoid delays and potential penalties from the IRS and other agencies.
Here are some helpful key dates for your team to keep in mind for the new year:
- Friday, January 1, 2021 – New Year’s Day (Banking holiday). If you have regularly scheduled Friday pay dates, chances are this pay date will be adjusted to December 31st of this year. This means wages paid on this date will be included in your 4th quarter reports for 2020.
- Monday, January 18, 2021 – Martin Luther King Jr. Day (Banking holiday)
- Sunday, January 31, 2021 – Last day to distribute forms W-2 and 1099-MISC. Deadline to file form 941 for the 4th quarter of 2020.
- Monday, February 1, 2021 – Deadline to file paper forms 1099-MISC and distribute forms 1099-NEC to both the IRS and individual taxpayers.
- Monday, February 15, 2021 – President’s Day (Banking holiday). Deadline for employees who wish to continue with exempt federal withholding status to submit new form W-4.
- Sunday, February 28, 2021 – Deadline for paper filing of forms 1094-C and 1095-C to IRS.
- Tuesday, March 2, 2021 – Deadline to provide employee copies of forms 1095-B or 1095-C (extended from Jan. 31).
- Wednesday, March 31, 2021 – Deadline for electronic filing of forms 1099, 1094-C, and 1095-C to IRS.
- Thursday, April 15, 2021 – Tax Day for personal returns without extension.
- Friday, April 30, 2021 – Deadline to file form 941 for the 1st quarter of 2021.
- Monday, May 31, 2021- Memorial Day (Banking holiday)
- Monday, July 5, 2021 – Independence Day observed (Banking holiday)
- Saturday, July 31, 2021 – Deadline to file form 941 for the 2nd quarter of 2021.
- Monday, September 6, 2021 – Labor Day (Banking holiday)
- Monday, October 11, 2021 – Columbus Day/Indigenous Peoples’ Day (Banking holiday)
- Sunday, October 31, 2021 – Deadline to file form 941 for the 3rd quarter of 2021.
- Thursday, November 11, 2021 – Veterans Day (Banking holiday)
- Thursday, November 25 – Thanksgiving (Banking holiday)
- Friday, December 24 – Christmas observed (Banking holiday)
- Friday, December 31 – New Year’s Day observed (Banking holiday)
note: holidays listed are federal banking holidays in the US. Individual states may have other observed dates to consider.
Of course, we can’t forget about the regularly scheduled pay dates and the corresponding local, state, and federal tax deposit due dates. Contact us today and let Valor Payroll Solutions help you by taking care of your payroll and tax compliance.