February 2022 tax and compliance deadlines

Welcome to the February 2022 list of important tax and compliance deadlines. Tax season has begun, but it’s still important to pay attention to important tax deadlines for your clients for 2022. Be sure to share this list with your clients.

In February, it’s recommended that you:

• Send reminders to individual clients who have not returned tax preparation packets or scheduled appointments.
• Review pros and cons of S corporation election with eligible corporate clients.
• Remind partnerships of the March 15 return filing deadline.

Key Compliance Dates:

Wednesday, Feb. 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on January 26–28.

Friday, Feb. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on January 29–Feb. 1.

Wednesday, Feb. 9 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 2–4.

Thursday, Feb. 10:

• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the fourth quarter of 2021 if tax for the quarter was deposited in full and on time.
• Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2021 if tax for the year was deposited in full and on time.
• Tipped employees who received $20 or more in tips during January report them to the employer on Form 4070, Employee’s Report of Tips to Employer.

Friday, Feb. 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 5–8.

Tuesday, Feb. 15 – Monthly depositors deposit FICA and withheld income tax for January.

Wednesday, Feb. 16:

• Claims for 2021 exemption from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2022.
• Monthly depositors deposit FICA and withheld income tax for January.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 9–11.

Friday, Feb. 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 12–15.

Thursday, Feb. 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 16–18.

Friday, Feb. 25 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 19–22.

Monday, Feb. 28

• Large food and beverage establishment employers file Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips; use Form 8027-T, Transmittal of Employer’s Annual Information Return of Tip Income and Allocated Tips, if reporting for more than one establishment. Electronic filers see March 31.
• File information returns (other than Form 1099-NEC returns for non-employee compensation) with the IRS for payments made in 2021. Electronic filers have until March 31. Form 1099-NEC returns were required to be filed by January 31.

Intuit Accountants Resources:

• The February 2022 calendar with filing deadlines and reminders for you and your clients.
• Key tax facts for 2021
• State tax deadlines

As always, visit Intuit Accountants for more information and training resources.