May 2021 tax and compliance deadlines

Editor’s note: In March 2021, the U.S. Treasury Department and IRS extended the federal income tax year 2020 filing due date for individuals from April 15, 2021, to May 17, 2021. The PDF attachment below for “May” will not reflect the new dates.

Welcome to your May 2021 list of tax and compliance deadlines. Be sure to review the list and pass these along to your clients.

In May, it’s recommended that you:

• Conduct a post-season review (after May 17).
• Evaluate tax software.
• Remind individual clients of June 15 estimated tax.
• Alert clients who need to file amended returns.

Key Compliance Dates:

Wednesday, May 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 28–30.

Friday, May 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 1–4.

Monday, May 10:

• Tipped employees who received $20 or more in tips during April report them to the employer on Form 4070, Employees Report of Tips to Employer.
• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the first quarter of 2021 if tax for the quarter was deposited in full and on time.

Wednesday, May 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 5–7.

Friday, May 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 8–11.

Monday, May 17:

• Individuals file 2020 returns (Form 1040, Form 1040A, or Form 1040EZ); alternatively, file for an automatic extension (Form 4868, Application for an Automatic Extension of Time to File U.S. Individual Income Tax Return).
• Individuals and calendar-year corporations pay first installment of 2021 estimated tax.
• Monthly depositors deposit FICA and withheld income tax for April.

Wednesday, May 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 12–14.

Friday, May 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 15–18.

Wednesday, May 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 19–21.

Friday, May 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 22–25.

Intuit Accountants Resources:

• The May 2021 calendar with filing deadlines and reminders for you and your clients.
• Key tax facts for 2020
• State tax deadlines

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