January 2024 Business Tax Due Dates
January 1: Start of Beneficial Ownership Reporting
Welcome to 2024! A key change for many businesses begins now: the Beneficial Ownership Information Reporting Rule. This new requirement means that certain entities, including most corporations, LLCs, and partnerships, need to file reports with the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN). Existing businesses as of December 31, 2023, have a grace period until January 1, 2025. However, new entities from January 1, 2024, onwards must file within 30 days of their establishment. Unsure about the process or penalties for non-compliance? Our office is here to help!
January 16: Time to Deposit for Employers
Employers, mark your calendars for January 16! If you're following the monthly deposit rules, this is your deadline to deposit December's Social Security, Medicare, and income tax withholdings. This date also applies to nonpayroll withholding for December. Remember, these taxes need to be deposited electronically. Small businesses with a liability under $2,500 have the option to remit these taxes quarterly or annually with their return.
January 16: Farmers and Fishermen, Pay Attention
For those in farming or fishing, January 16 is crucial for your estimated tax payments. Use Form 1040-ES for your 2023 tax year. Miss this deadline? You'll have until March 1, 2024, to file your return and pay the tax due to avoid penalties. Otherwise, you have until April 15 (April 17 for Maine and Massachusetts residents) to file.
January 31: Deadline for 1099-NECs
Business and rental property owners, if you've paid $600 or more for nonemployee services in 2023, you need to provide Form 1099-NEC to those individuals by January 31. This includes payments like commissions, professional fees, and prizes for services. Don't forget: the IRS needs their copies by the same date! Our firm is equipped to prepare these forms in OCR format for IRS submission with the 1096 form, and we can help with electronic filing for those with 10 or more returns.
January 31: Time for Form 1098 and Other 1099s
This the due date for providing recipients with Form 1098 (Mortgage Interest Statement) and other Forms 1099. The IRS deadline for these forms, except for 1099-NECs, is February 28 (April 1 if filing electronically). These forms cover various types of income, from dividends to debt cancellation.
January 31: W-2s for Employees and the Government
Employers, ensure all employees have their W-2 forms for 2023 by today. Electronically posted W-2s are fine for those who've consented. Also, send W-2 Copy A and Transmittal Form W-3 to the Social Security Administration by this date, whether filed electronically or on paper.
January 31: Filing Form 941 and Other Deposits
File Form 941 for Q4 of 2023 today. Deposit any remaining Social Security, Medicare, and withheld income tax. If you've been on top of your deposits and paid in full and on time, you've got until February 12 to file the return.
January 31: Farm Employers, File Form 943
Today is also the day for farm employers to file Form 943 for 2023's Social Security, Medicare, and withheld income taxes. Like Form 941, if you've deposited your taxes fully and on time, you have until February 12 to file.
January 31: W-2G for Gambling Winnings
If you've paid out reportable gambling winnings or withheld income tax on those winnings in 2023, make sure the winners receive their W-2G forms by today.
January 31: Deadline for Individuals with Estimated Tax Payments
Individuals who missed their last installment of estimated tax for 2022 by January 17 have an option: File your income tax return (Form 1040 or Form 1040-SR) by today and pay any due tax to avoid late payment penalties. The final deadline remains April 18.
January 31: File Form 940 for Federal Unemployment Tax
File Form 940 for 2023. You can pay any undeposited tax with your return if it's $500 or less. For larger amounts, ensure you've deposited it. Timely and full depositors have until February 12 to file.
January 31: Deadline for Form 945
Lastly, file Form 945 today to report nonpayroll income tax withholding for 2023. This includes backup withholding and withholding on various distributions.