The new year is here, and in this issue we focus on preparing for the months ahead. What can you do to make 2022 as successful as possible? We've got some suggestions for you!
You'll get advice from Scott Scarano, owner of Padgett Business Services of Raleigh-Durham, about how to plan and set goals for your business. You'll also get our top tips for maintaining a healthy work/life balance as an entrepreneur and shopping for a new payroll partner. Lastly, we've got your first quarter deadlines so you can prepare for the first few months of the year.
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.
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.
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.
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.
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.
2021 Form 1065 due or file Form 7004 for automatic six-month extension. Provide partners with copy of Schedule K-1.
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.
At PADGETT BUSINESS SERVICES®, we know the stresses of running a business can keep owners awake at night. Your business is your livelihood — and quite possibly the livelihood of your employees — so it’s no wonder it’s always on your mind. PADGETT is here to help. We offer tax, accounting, payroll and advisory services that can help your business reach new heights, allowing you to rest easy.
PADGETT BUSINESS SERVICES® is dedicated to meeting the accounting, tax, payroll, compliance
and advisory needs of small businesses. This publication is intended for informational purposes
only and should not be construed as tax or legal advice. Such information is by nature subject
to revision and may not be the most current information available. You should seek advice
from a PADGETT BUSINESS SERVICES® representative or an independent advisor before
acting on any of the information contained in this document. Each office is independently
owned and operated.