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April 2022 Business Tax Due Dates

April 1 – Interest Rate Hike Takes Effect

If you are required to pay quarterly estimated income tax, an upcoming change in interest rates being imposed by the IRS may have a direct impact on you. Corporations and self-employed filers who submit quarterly estimated taxes will see a hike in the interest rates that the agency charges for both overpayments and underpayments.

The new rates will be:

  • 4% for underpayments;

  • 6% for large corporate underpayments

  • 4% for overpayments (3% in the case of a corporation)

  • 1.5% for the portion of a corporate overpayment exceeding $10,000

Though these changes will not affect you if you calculate your liability correctly and pay on time each quarter, those taxpayers who have an outstanding balance or who are otherwise out of compliance with their tax obligation need to remember that the longer they take to address the situation, the more their obligation will grow as their liabilities accrue interest at a rate of 3%.

April 18 - Last Day to Establish a Keogh Account for 2021

If you are self-employed, April 18, 2022, is the last day to establish a Keogh Retirement Account if you plan to contribute for 2021. However, last day can be extended until October 17, 2022, with a valid six-month extension of time to file your individual 2021 tax return.

April 18 - Household Employer Return Due

If you paid cash wages of $2,300 or more in 2021 to a household employee, you must file Schedule H. If you are required to file a federal income tax return (Form 1040 or 1040-SR), file Schedule H with the return and report any household employment taxes. Report any federal unemployment (FUTA) tax on Schedule H if you paid total cash wages of $1,000 or more in any calendar quarter of 2020 or 2021 to household employees. Also, report any income tax that was withheld for your household employees. For more information, please call this office.

April 18 - Farmers and Fishermen
If you were unable to comply with the March 1, 2022, filing and payment deadline the IRS will wave estimated tax penalties as long as you file and pay your 2021 taxes by April 18, 2022. April 19 if you live in Maine or Massachusetts because April 18 is Patriots’ Day a legal holiday in those states., and deposit what you estimate you owe. Filing this extension protects you from late filing penalties but not late payment penalties, so it is important that you estimate your liability and deposit it using the instructions on Form 7004.

April 18 - C-Corporations

File a 2021 calendar year income tax return (Form 1120) and pay any tax due. If you need an automatic 6 -month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information and Other Returns

April 18 - Social Security, Medicare and Withheld Income Tax
If the monthly deposit rule applies, deposit the tax for payments in March.

April 18 - Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in March.

April 18 - C-Corporations
The first installment of 2022 estimated tax of a calendar year corporation is due.

April 18 - Fiduciary Returns

Last day to file a 2021 calendar year fiduciary return (Form 1041, U.S. Income Tax Return of Estates and Trusts) or file an extension.