Don’t forget your backup withholding deadlines related to Form 945, Annual Return of Withheld Federal Income Tax, and information returns on Forms 1099 and W-2G. Below is a quick refresher:
2021 Tax Return
Form 945 is due on Monday, January 31, 2022.
For payor’s that made deposits on time and in full, Form 945 is due on Thursday, February 10, 2022.
2021 Information Returns (not reporting nonemployee compensation) The following information returns are due on Monday, February 28, 2022, for paper filers and Thursday, March 31, 2022, for electronic filers:
- Form 1099-B, Proceeds from Broker and Barter Exchange Transactions
- Form 1099-DIV, Dividends and Distributions
- Form 1099-G, Certain Government Payment
- Form 1099-INT, Interest Income
- Form 1099-MISC, Miscellaneous Income
- Form 1099-K, Payment Card and Third-Party Network Transactions
- Form 1099-OID, Original Issue Discount
- Form 1099-PATR, Taxable Distributions Received from Cooperatives
- Form W-2G, Certain Gambling Winnings
Payors that need additional time to file the abovementioned forms with the IRS can request a 30-day extension from the IRS by filing Form 8809, Application for Extension of Time to File Information Returns, by the due date of the form.
Payors that need additional time to furnish these statements to recipients can do so by requesting an extension by the due date of the form via a faxed (no longer a written mailing) letter :
Internal Revenue Service
Technical Services Operation
Attn: Extension of Time Coordinator
Fax: 877-477-0572 (International Fax: 304-579-4105)
In the letter, payors must include their name, TIN, address, type of return, a statement that the extension request is for providing statements to its recipients, the reason for delay, and their signature or that of an authorized agent.
2021 Information Returns for Nonemployee Compensation
Form 1099-NEC, Nonemployee Compensation is due on January 31, 2022, for both paper and electronic filers.
The PATH Act eliminated the automatic 30-day extension for filing forms with the IRS that include nonemployee compensation; however, payors that need more time to file Form 1099-NEC must meet certain criteria found on Form 8809, Line 7, regarding hardship conditions for requesting the extension.
Payors that need additional time to furnish will follow the same rules as all other Forms 1099 noted in the above section.
Electronic filers should check out the 2022 Publication 1220 here: