Business Due Dates in December 2021

Sara F Gonzalez

Request that employees who will have different withholding allowances in 2022 to fill out a new Form W4 or Form W4(SP). 

December 15 - Social Security, Medicare and Withheld Income Tax

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

December 15 - Nonpayroll Withholding

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

December 15 - Corporations

The fourth installment of estimated tax for 2021 calendar year corporations is due.

December 31 - Delayed Payment of Employer Payroll Taxes from 2020

If you postponed paying 2020 payroll taxes as a result of the CARES Act provision, you must pay half of your portion of the 2020 Social Security tax by December 31, 2021, and the remainder by December 31, 2022. Any payments or deposits made before December 31, 2021 are applied first to the payment due on December 31, 2021, and then to the payment due on December 31, 2022.

December 31 - Last Day to Set Up a Keogh Account for 2021

If you are self-employed and expect to contribute to a Keogh Retirement Account in 2021, December 31 is the last day to set up the plan. If the institution where you intend to set up the account will not be open for business on the 31st, you will need to establish the plan before the 31st. Note: there are other options such as SEP plans that can be set up after the close of the year.

December 31 - Caution! Last Day of the Year

If the actions you wish to take cannot be completed on the 31st or a single day, you should consider taking action earlier than December 31st.

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