Tax and Business
Alert
– October ’23
Abstract:
This calendar notes important tax deadlines for the fourth quarter of
2023.
Tax Calendar
October 10 –
Employees must report September tip income of $20 or more to employers
(Form 4070).
October 16 – Individuals whose personal federal income tax
returns for 2022 received an automatic extension must file them no later than today
and pay any tax, interest and penalties due. In
addition:
·
Those with offshore bank accounts must file the Financial Crimes
Enforcement Network (FinCEN) Report 114 “Report of Foreign Bank and Financial
Accounts” (also known as the “FBAR”), if not filed already. (This report received
an automatic extension to today if not filed by the original due date of April
18th.)
·
Calendar-year C corporations that obtained an
extension should file their 2022 Form 1120 by this date.
·
If
the monthly deposit rule applies, employers must deposit the tax for payments
in September for Social Security, Medicare, withheld income tax and nonpayroll
withholding.
October 31
– Employers must file Form 941 for the third quarter (November 10 if all taxes
are deposited in full and on time). Also, employers must deposit FUTA taxes
owed through September if the liability is more than $500.
November 10 –
Employees must report October tip income of $20 or more to employers (Form
4070).
November 15
– Calendar-year tax-exempt organizations that obtained an exemption should file
their 2022 returns. In addition:
·
If
the monthly deposit rule applies, employers must deposit the tax for payments
in October for Social Security, Medicare, withheld income tax and nonpayroll
withholding.
December 11 –
Employees must report November tip income of $20 or more to employers (Form
4070).
December 15
– Calendar-year corporations must pay fourth-quarter 2023 estimated tax payments.
In addition:
·
If
the monthly deposit rule applies, employers must deposit the tax for payments
in November for Social Security, Medicare, withheld income tax and nonpayroll
withholding.
© 2023