Tax Tools
DUE DATES
Be aware that, in response to the COVID-19 pandemic, on March 17 the U.S. Treasury and IRS postponed some – but not all — of the April 15, 2021, due dates to May 17, 2021. It’s possible there could be additional extensions, so check with your tax advisor for the latest information.
November 1
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941) and pay any tax due.
November 10
Individuals must report October tip income of $20 or more to employers (Form 4070).
Employers need to report income tax withholding and FICA taxes for third quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
November 15
Exempt organizations must file a 2020 calendar-year information return (Form 990, Form 990-EZ or Form 990-PF) and pay any tax, interest and penalties due, if a six-month extension was previously filed.
December 10
Individuals need to report November tip income of $20 or more to employers (Form 4070).
December 15
Calendar-year corporations must pay the fourth installment of 2021 estimated income taxes.
December 31
Employers need to establish a retirement plan for 2021 – generally other than a SIMPLE, a Safe-Harbor 401(k) or a SEP.
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March 1
Businesses must file Form 1098, Form 1099 (other than those with a February 1 or February 16 deadline) and Form W-2G and transmittal Form 1096 for interest, dividends and miscellaneous payments made during 2020. (Electronic filers can defer filing to March 31.)
March 10
Individuals need to report February tip income of $20 or more to employers (Form 4070).
March 15
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) or file for an automatic six-month extension (Form 7004), and pay any tax due.
Calendar-year partnerships need to file a 2020 income tax return (Form 1065 or Form 1065-B) or request an automatic six-month extension (Form 7004).
March 31
Employers must electronically file 2020 Form 1097, Form 1098, Form 1099 (other than those with an earlier deadline) and Form W-2G.
April 12
Individuals need to report March tip income of $20 or more to employers (Form 4070).
April 15
Self-employed individuals need to pay the first installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Individuals must file a 2020 gift tax return (Form 709) or file for an automatic six-month extension (Form 8892) and pay any gift tax due.
Calendar-year corporations must file a 2020 income tax return (Form 1120) or file for an automatic six-month extension (Form 7004), and pay any tax due.
Calendar-year corporations need to pay the first installment of 2021 estimated income taxes.
April 30
Employers must report income tax withholding and FICA taxes for first quarter 2021 (Form 941) and pay any tax due.
May 10
Individuals need to report April tip income of $20 or more to employers (Form 4070).
Employers must report income tax withholding and FICA taxes for first quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
May 17
Individuals must file their 2020 income tax return (Form 1040 or Form 1040-SR) or file for an automatic extension (Form 4868) to Oct. 15, 2021, and pay any tax due. (See June 15 for an exception for certain taxpayers.)
Exempt organizations need to file a 2020 calendar-year information return (Form 990, Form 990-EZ or Form 990-PF) or filing for an automatic six-month extension (Form 8868) and pay any tax due.
Small exempt organizations with gross receipts normally of $50,000 or less must file a 2020 e-Postcard (Form 990-N), if not filing Form 990 or Form 990-EZ.
June 10
Individuals need to report May tip income of $20 or more to employers (Form 4070).
June 15
Individuals must file a 2020 individual income tax return (Form 1040 or Form 1040-SR) or file for a four-month extension (Form 4868), and pay any tax and interest due if you live outside the United States.
Individuals need to pay the second installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations must pay the second installment of 2021 estimated income taxes.
July 12
Individuals need to report June tip income of $20 or more to employers (Form 4070).
August 2
Employers must report income tax withholding and FICA taxes for second quarter 2021 (Form 941) and pay any tax due.
Employers need to file a 2020 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.
August 10
Individuals need to report July tip income of $20 or more to employers (Form 4070).
Employers must report income tax withholding and FICA taxes for second quarter 2021 (Form 941), if you deposited on time and in full all of the associated taxes due.
September 10
Individuals need to report August tip income of $20 or more to employers (Form 4070).
September 15
Individuals must pay the third installment of 2021 estimated taxes, if not paying income tax through withholding (Form 1040-ES).
Calendar-year corporations need to pay the third installment of 2021 estimated income taxes.
Calendar-year S corporations must file a 2020 income tax return (Form 1120S) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Calendar-year S corporations need to make 2020 contributions for certain employer-sponsored retirement plans, if an automatic six-month extension was filed.
Calendar-year partnerships must file a 2020 income tax return (Form 1065 or Form 1065-B), if an automatic six-month extension was filed.
October 1
Trusts and estates need to file an income tax return for the 2020 calendar year (Form 1041) and pay any tax, interest and penalties due, if an automatic five-and-a-half month extension was filed.
Employers must establish a SIMPLE or a Safe-Harbor 401(k) plan for 2020 by this date, except in certain circumstances.
October 12
Individuals need to report September tip income of $20 or more to employers (Form 4070).
October 15
Individuals must file a 2020 income tax return (Form 1040 or Form 1040-SR) and pay any tax, interest and penalties due, if an automatic extension was filed.
Individuals must file a 2020 gift tax return (Form 709) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Calendar-year C corporations need to file a 2020 income tax return (Form 1120) and pay any tax, interest and penalties due, if an automatic six-month extension was filed.
Calendar-year C corporations must make 2020 contributions for certain employer-sponsored retirement plans, if an automatic six-month extension was filed.
RETENTION GUIDE
Business Documents To Keep For One Year
- Correspondence with Customers and Vendors
- Duplicate Deposit Slips
- Purchase Orders (other than Purchasing Department copy)
- Receiving Sheets
- Requisitions
- Stenographer’s Notebooks
- Stockroom Withdrawal Forms
Business Documents To Keep For Three Years
- Employee Personnel Records (after termination)
- Employment Applications
- Expired Insurance Policies
- General Correspondence
- Internal Audit Reports
- Internal Reports
- Petty Cash Vouchers
- Physical Inventory Tags
- Savings Bond Registration Records of Employees
- Time Cards For Hourly Employees
Business Documents To Keep For Six Years
- Accident Reports, Claims
- Accounts Payable Ledgers and Schedules
- Accounts Receivable Ledgers and Schedules
- Bank Statements and Reconciliations
- Cancelled Checks
- Cancelled Stock and Bond Certificates
- Employment Tax Records
- Expense Analysis and Expense Distribution Schedules
- Expired Contracts, Leases
- Expired Option Records
- Inventories of Products, Materials, Supplies
- Invoices to Customers
- Notes Receivable Ledgers, Schedules
- Payroll Records and Summaries, including payment to pensioners
- Plant Cost Ledgers
- Purchasing Department Copies of Purchase Orders
- Records related to net operating losses (NOL’s)
- Sales Records
- Subsidiary Ledgers
- Time Books
- Travel and Entertainment Records
- Vouchers for Payments to Vendors, Employees, etc.
- Voucher Register, Schedules
Business Records To Keep Forever
While federal guidelines do not require you to keep tax records “forever,” in many cases there will be other reasons you’ll want to retain these documents indefinitely.
- Audit Reports from CPAs/Accountants
- Cancelled Checks for Important Payments (especially tax payments)
- Cash Books, Charts of Accounts
- Contracts, Leases Currently in Effect
- Corporate Documents (incorporation, charter, by-laws, etc.)
- Documents substantiating fixed asset additions
- Deeds
- Depreciation Schedules
- Financial Statements (Year End)
- General and Private Ledgers, Year End Trial Balances
- Insurance Records, Current Accident Reports, Claims, Policies
- Investment Trade Confirmations
- IRS Revenue Agent Reports
- Journals
- Legal Records, Correspondence and Other Important Matters
- Minutes Books of Directors and Stockholders
- Mortgages, Bills of Sale
- Property Appraisals by Outside Appraisers
- Property Records
- Retirement and Pension Records
- Tax Returns and Worksheets
- Trademark and Patent Registrations
Personal Documents To Keep For One Year
While it’s important to keep year-end mutual fund and IRA contribution statements forever, you don’t have to save monthly and quarterly statements once the year-end statement has arrived.
Personal Documents To Keep For Three Years
- Credit Card Statements
- Medical Bills (in case of insurance disputes)
- Utility Records
- Expired Insurance Policies
Personal Documents To Keep For Six Years
- Supporting Documents For Tax Returns
- Accident Reports and Claims
- Medical Bills (if tax-related)
- Sales Receipts
- Wage Garnishments
- Other Tax-Related Bills
Personal Records To Keep Forever
- CPA Audit Reports
- Legal Records
- Important Correspondence
- Income Tax Returns
- Income Tax Payment Checks
- Property Records / Improvement Receipts (or six years after property sold)
- Investment Trade Confirmations
- Retirement and Pension Records (Forms 5448, 1099-R and 8606 until all distributions are made from your IRA or other qualified plan)
Special Circumstances
- Car Records (keep until the car is sold)
- Credit Card Receipts (keep until verified on your statement)
- Insurance Policies (keep for the life of the policy)
- Mortgages / Deeds / Leases (keep 6 years beyond the agreement)
- Pay Stubs (keep until reconciled with your W-2)
- Sales Receipts (keep for life of the warranty)
- Stock and Bond Records (keep for 6 years beyond selling)
- Warranties and Instructions (keep for the life of the product)
- Other Bills (keep until payment is verified on the next bill)
- Depreciation Schedules and Other Capital Asset Records (keep for 3 years after the tax life of the asset)
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From discovery and engagement to execution, Peck CPA’s is your source for top quality tax accounting in New England.