Blog

We keep you up-to-date on the latest tax changes and news in the industry.

May 2021 Individual Due Dates

May 10 - Report Tips to Employer

If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 1110. 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.

May 17 -  Individual Tax Returns Due 

File a 2020 income tax return (Form 1040 or 1040-SR) and pay any tax due. If you want an automatic extension of time to file the return, please call this office.

Note: The normal due date for individual returns is April 15. However, the IRS extended it to May 17.

Caution: The extension gives you until October 15, 2021 to file your 2020 1040 or 1040-SR return without being liable for the late filing penalty. However, it does not avoid the late payment penalty; thus, if you owe money, the late payment penalty can be severe, so you are encouraged to file as soon as possible to minimize that penalty. Also, you will owe interest, figured from the original due date until the tax is paid. If you have a refund, there is no penalty; however, you are giving the government a free loan, since they will only pay interest starting 45 days after the return is filed. Please call this office to discuss your individual situation if you are unable to file by the May 17 due date.







Share this article...

Get in Touch with Norberg, Davis, Bourne & Painter LLP

You can count on us for professional, timely and reliable tax and accounting services. If you’re ready to get started, just fill out this form and we’ll be in touch.

12069 Tech Road
Silver Spring, Maryland 20904
I confirm this is a service inquiry and not an advertising message or solicitation. By clicking “Submit”, I acknowledge and agree to the creation of an account and to the and .
I consent to receive SMS messages and agree with the
Frequently Asked Questions Get your questions
Hi! I am here to help provide the basic answers you need. For more assistance, please call (301) 680-8900 or choose "Ask me a question" for the contact form.
Please fill out the form and our team will get back to you shortly The form was sent successfully