March 2021 Tax Deadlines Approaching
Important March Dates to Note
March 10 2021 -- Employees Who Work for Tips
Employees Who Work for Tips. If you received $20 or more in tips during the month of February, you should report them to your employer. Use IRS Form 4070 (Employee’s Report of Tips to Employer).
March 15 2021 -- S Corps & Multiple Owner LLCs
Deadline for corporate/multi-member LLC entity tax returns. Zen will courtesy file an extension of time to file for any entity who provides us with a written request to do so prior to March 7th, 2021.
March 15 2021 -- S Corps and Partnerships
Deadline for electing S Corporation tax status for your LLC or C Corporation. For election to be valid for 2021, existing LLCs and C Corporations (with a tax year that begins on January 1) will need to file IRS Form 2553 no later than March 15th, 2021.
Entrepreneurs who start a new business in 2021 have two months and 15 days from the date of formation to file for S Corporation tax treatment.
Additionally, forms 1042-S, whether filed on paper or electronically, must be filed with the IRS by March 15, 2021. You also must furnish Form 1042-S to the recipient of the income by March 15, 2021.