How to prepare your business for a new year

Scott Scarano, owner of Padgett Business Services of Raleigh-Durham NC has gathered a few tips and considerations to help you start the new year on the right foot.

Five questions to ask when choosing a payroll partner

If you're thinking about switching to a different payroll service or looking to outsource beginning in 2022, you'll want to make sure you choose the right partner for your business.

Seven tips to maintain a healthy work/life balance

Maintaining a healthy work/life balance is difficult, especially at this time of year when both business and family may demand a lot of your time.

First quarter 2022 due dates

January 18

Individuals:

• Fourth quarter 2021 estimated tax payments are due (final installment).
• Provide Form W-4 to your employer to make any changes in federal withholding in 2022.

January 31

Employers:

• File 2021 Form W-2 Copy As and its transmittal and give employees their copies of Form W-2.
• File Form 941 for 4th quarter 2021, or annual Form 944. File Form 940 for 2021.
• Distribute ACA Forms 1095-C to your employees, if required.

Businesses:

• File 2021 Form 1099-NEC Copy As and its transmittal. Note: Beginning 2020, Form 1099-NEC must be used for non-employee compensation paid to independent contractors instead of Form 1099-MISC.
• Distribute Forms 1099 to recipients for 2021.

February 28

Employers:

• Paper file ACS Forms 1094-B, 1095-B, 1094-C, or 1095-C, if required.

Employers that paper file:

• Paper file Form 1096 with Copy A of all Forms 1099-MISC.

Large food or beverage establishments that paper file:

• File Form 8027 to report 2021 tip income, reported tips, and allocated tips.

March 15

C Corporations and LLCs:

• File Form 2553 to choose to be treated as an S corporation beginning on January 1, 2022.

Calendar-Year S Corporations:

• 2021 Form 1120S due or file Form 7004 for an automatic six-month extension. Provide shareholders with copy of Schedule K-1.

Partnerships:

• 2021 Form 1065 due or file Form 7004 for automatic six-month extension. Provide partners with copy of Schedule K-1.

March 31

Employers that e-file:

• E-file Form 1096 with Copy A of all Forms 1099-MISC.
• E-file ACS Forms 1094-B, 1095-B, 1094-C or 1095-C, if required.

Large food/beverage establishments that e-file:

• E-file Form 8027 to report 2021 tip income, reported tips, and allocated tips.

Note: Victims of Hurricane IDA in Louisiana and Mississippi as well as parts of New York, New Jersey, Connecticut, and Pennsylvania will have until February 15, 2022 to make fourth quarter 2021 estimated tax payments and file fourth quarter payroll tax returns. Victims of tornadoes in parts of Kentucky, Illinois, and Tennessee will have until May 16th to make fourth quarter 2021 estimated tax payments, file fourth quarter payroll tax returns and 2021 individual and business income tax returns.