Tax and Business Alert – January ‘24
Abstract:
This calendar notes important tax deadlines for the first quarter of 2024.
Tax Calendar
January 16 –
Individual taxpayers’ final 2023 estimated tax payment is due.
January 31
– Employers must file 2023 Forms W-2 (“Wage and Tax Statement”) with the Social
Security Administration and provide copies to their employees.
·
Employers
must file (paper or electronic) 2023 Forms 1099-NEC (“Nonemployee Compensation”),
reporting nonemployee compensation payments, along with the
related Form 1096 (“Annual Summary and Transmittal of U.S. Information Returns”),
and provide copies to recipients.
·
Most
employers must file Form 941 (“Employer’s Quarterly Federal Tax Return”) to
report Medicare, Social Security and income taxes withheld in the fourth
quarter of 2023. If an employer’s tax liability is less than $2,500, he or she
can pay it in full with a timely filed return.
·
Employers
must file Form 940 (“Employer’s Annual Federal Unemployment (FUTA) Tax Return”)
for 2023. If an employer’s undeposited tax is $500 or less, he or she can
either pay it with the return or deposit it. If it is more than $500, he or she
must deposit it.
·
Employers
must file Form 943 (“Employer’s Annual Federal Tax Return for Agricultural
Employees”) to report Social Security, Medicare and withheld income taxes for 2023.
If an employer’s tax liability is less than $2,500, he or she can pay it in
full with a timely filed return.
·
Employers
must file Form 945 (“Annual Return of Withheld Federal Income Tax”) for 2023 to
report income tax withheld on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs,
etc. If an employer’s tax liability is less than $2,500, he or she can pay it
in full with a timely filed return.
February 28 – Employers must file 2023 Form
1099-MISC (“Miscellaneous Income”) reporting certain payments to certain
persons, along with the related Form 1096 (“Annual Summary and Transmittal of
U.S. Information Returns”) and provide copies to recipients.
March 15 –
Calendar-year partnerships and S corporations must file or extend 2023 tax
returns. If the return is not extended, this is also the last day for those
types of entities to make 2023 contributions to pension and profit-sharing
plans.