A new year means new tax-related deadlines! Here are the key dates that business owners and employers should keep on their tax planning radars in the first quarter of 2024.
Jan. 16, 2024
- Final installments of 2023 estimated taxes are due.
- Farmers and fishermen must pay estimated taxes for 2023.
(If not, you must file your 2023 return and pay all taxes due by March 1, 2024 to avoid an estimated tax penalty.)
Jan. 31, 2024
- File 2023 Forms W-2, “Wage and Tax Statement,” with the Social Security Administration. Send copies to your employees.
- Provide copies of 2023 Forms 1099-NEC, “Nonemployee Compensation,” to those who received income from your business, where required. File these forms with the IRS.
- Provide copies of 2023 Forms 1099-MISC, “Miscellaneous Information,” reporting applicable payments to recipients.
- File Form 940, “Employer’s Annual Federal Unemployment (FUTA) Tax Return,” for 2023.
You may pay undeposited tax of $500 or less with your return or deposit it. If the undeposited tax is higher than $500, you must deposit it. If you deposited the tax for the year on time and in full, you may file your return before February 12.
- File Form 941, “Employer’s Quarterly Federal Tax Return,” to report income taxes, Social Security, and Medicare taxes withheld in the fourth quarter of 2023.
You can pay tax liability of less than $2,500 in full with a timely filed return. You have until February 13 to file your return if you deposited the tax for the quarter in full and on time.
(If you are an employer with an estimated annual employment tax liability of $1,000 or less, you may be eligible to file Form 944, “Employer’s Annual Federal Tax Return.”)
- File Form 945, “Annual Return of Withheld Federal Income Tax,” for 2023 to report income tax withheld on all nonpayroll items.
These include backup withholding and withholding on accounts, such as annuities, IRAs, and pensions. You may pay a tax liability of less than $2,500 in full with a timely filed return.
You have until February 12 to file the return if you deposited the tax for the year on time and in full.
Feb. 15, 2024
- Provide the appropriate version of Form 1099 (or other information return) to give annual information statements to recipients of relevant payouts made during 2023.
With the consent of the recipient, you may issue Form 1099 electronically.
This due date applies only to the following types of payments:
- All payments reported on Form 1099-B.
- All payments reported on Form 1099-S.
- Substitute payments reported in Box 8 or gross proceeds paid to an attorney reported in Box 10 of Form 1099-MISC.
Feb. 28, 2024
- If you’re filing paper copies, File 2023 Forms 1099-MISC with the IRS.
(If you’re filing electronic copies, the filing deadline is April 1.)
March 15, 2024
- Calendar–year partnerships and S Corporations: File or extend your 2023 tax return and pay any tax due.
- Last day to make 2023 contributions to profit-sharing and pension plan (if return isn’t extended).
Questions? Smolin can help.
While helpful, this list isn’t exhaustive. Additional tax deadlines may apply to you and your business. To ensure you’re meeting all applicable deadlines, please contact us to discuss your situation in more detail.