After February 11, 2021 Texas storms led to sub-zero temperatures and devastating power outages, the IRS is extending tax deadlines to June 15, 2021 for many small businesses.
COVID-19 has already posed enough challenges for small businesses, and recent Texas storms have caused major damages. The IRS is offering tax relief to aid Texas taxpayers after the February weather emergency. Here are some of the major deadlines that are getting pushed back for employers and businesses.
Form 1099-MISC Deadlines
Form 1099-MISC, used for reporting miscellaneous payments, is due in March for the 2020 tax year. Employers who choose to e-file Form 1099-MISC have until March 31, 2021.
Texas businesses who experienced hardship during February winter storms have until June 15, 2021 to meet their Form 1099-MISC deadlines.
1st Quarter Form 941 Deadlines
Form 941, the Employer’s Quarterly Federal Tax Return, allows employers to report the amounts withheld from employee paychecks for Social Security, Income, and Medicare taxes each quarter. Form 941 is due for the first quarter of 2021 on April 30, 2021.
For Form 941 and other business tax returns with deadlines falling on or after February 11, 2021 and before June 15 are being extended for Texas taxpayers. Texas businesses that were affected by winter storms now have until June 15, 2021 to file with the IRS.
In other tax news, the IRS just released a new draft of Form 941 for 2021. Businesses will be meeting their 1st Quarter deadlines with this updated form. Click here for more information on Form 941 changes for 2021.
We’re here to help you keep up with the latest IRS news for small businesses. When it comes time to meet the IRS deadlines extended to June 15, 2021, ExpressEfile is here to support Texas businesses. Staying tax compliant should always be safe and easy.