It’s the fourth quarter (Q4), can you even believe it? How time has flown by! The final quarter means that the holidays are right around the corner and then it’s basically 2022 and the start of tax filing season! Phew, my head is spinning just considering it.
With the new year comes a fresh set of 2022 business dates and deadlines for business owners and founders to remember. But Simple Startup has your back! Simply read on and transfer the tax deadlines, and business dates that apply to your company to your agenda, and that way there is no way you can miss a deadline in 2022.
Top 2022 Deadlines All Business Founders Need to Know
As well as filing their taxes annually in April, any business that is considered a sole proprietorship, an S-Corp, a C-Corp, or any business owners who are classified as self-employed, should be also filing their taxes on a quarterly basis.
Quarterly tax payments are due on the 15th of the month following the closing of that quarter. Below are the 2022 business dates for quarterly tax filing:
- Quarter 4 2021 Deadline – January 15, 2022
- Quarter 1 2022 Deadline – April 15, 2022
- Quarter 2 Deadline – June 15, 2022
- Quarter 3 Deadline – September 15, 2022
- Quarter 4 Deadline – January 15, 2023
We’ve also pulled together some of the key dates to make a note of in 2022. While this list is by no means exhaustive, it’s a great place to start and then you can work with your accountant or tax advisor to firm up dates particular to your business or industry! We always recommend sitting down with your accountants to organize the dates and deadlines you need to know for each new year.
- January 31, 2022: Applicable Large Employers (ALE) must provide a copy of forms 1095-C and 1094-C to all full-time employees who’ve been in employment for one or more months.
- February 1, 2022: Employers to send out employee W-2 forms to their employees. Businesses also need to provide 1099 Forms reporting on non-employee compensation, bank interest, dividends, and distributions from a retirement plan.
- February 28, 2022: W-2 and 1099 Forms are due for paper filings.
- February 28, 2022: ALEs must file forms 1095-C and 1094-C if paper filing.
- March 1, 2022: Deadline for 1099 Forms and 1096 Forms to be filed.
- March 15, 2022: S-Corporation’s tax returns due or their six-month extension request is due (Form 7004). Partnership’s tax returns are due or their extension request (7004 Form).
- March 31, 2022: W-2 and 1099 Forms are due via e-Filing.
- March 31, 2022: ALEs must file forms 1095-C and 1094-C via e-Filing.
- April 15, 2022: Individual (Form 1040) and C-Corporations (Form 1120) tax returns are due or a six-month extension request (Form 4868). Payments on any tax obligations are also due.
- July 31, 2022: Employee 401k plans are due (Form 5500).
- September 15, 2022: The final deadline to file corporate tax returns for the previous year if an extension was requested in March.
- September 30, 2022: 401k annual report to be distributed to all employees currently receiving benefits.
- October 15, 2022: The final deadline to file individual and business tax returns for the previous year if an extension was requested in April.
- December 1, 2022: 401k participant notices go out to all employees.
These are just some of the key dates that you need to be aware of when it comes to your finances but depending on your business (size, entity type, etc.), you could have additional dates and deadlines to prepare. If you’re unsure of which dates apply to your business, always work with your tax accountant to ensure you’re meeting the appropriate deadlines.
What Happens if You Miss a Tax Deadline or Quarterly Estimated Tax Deadline?
Being organized and on time when it comes to filing your tax return and making tax payments is important because missed deadlines can result in penalties and fees.
To reiterate briefly, you should make sure to file the late tax return or pay the late tax payment as soon as possible and work with your tax accountant to properly manage the fees and penalties accrued. For any specific questions about tax returns and filing, we would also suggest using our tax returns/compliance service.
Get 2022 off to an organized start
Armed with this list of key dates, you can now start planning your company’s financial journey in 2022! If you don’t currently have a tax accountant to advise you in 2022, feel free to grab time on our calendar and we’re happy to help you make a viable tax plan for your business.