October 2021 Due Dates

A few reminders for October

October 2021 Individual Due Dates

October 12 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 12. Your employer is required to withhold FICA taxes and income tax withholding for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will be required to pay the uncollected withholding when your return for the year is filed.

October 15 - Taxpayers with Foreign Financial Interests

If you received an automatic 6-month extension of time to report your 2020 foreign financial accounts to the Department of the Treasury, this is the due date for Form FinCEN 114.

October 15 - Individuals

If you requested an automatic 6-month extension to file your income tax return for 2020, file Form 1040 and pay any tax, interest, and penalties due.

October 15 - SEP IRA & Keogh Contributions

Last day to contribute to a SEP or Keogh retirement plan for the calendar year 2020 if the tax return is on extension through October 15.

October 2021 Business Due Dates

October 15 - Corporations

File a 2020 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension by April 15.

October 15 - Social Security, Medicare and withheld income tax

If the monthly deposit rule applies, deposit the tax for payments in September.

October 15 - Nonpayroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in September.