2024 Tax News and Reminders - Hart Vida & Partners

Getting an Extension is more than Just Buying Time

May 31, 2022

New Corporate Transparency Filing Regulations for Small Businesses

January 30, 2024

2024 Tax News and Reminders.

Please keep these deadlines and changes in mind in the 3^rd and 4^th quarter of 2024.

Estimated Tax Payments

While estimated tax payments for fourth quarter 2023 are due January 16, you can still make these payments until February 1. It is important that you keep a record of these payments, and let us know when you have submitted them. The IRS will credit you for the date that it is actually paid. In addition, paying 110% of what might be owed for 2022 or 90% of your 2023 estimated payments if you had not been paying quarterly should minimize surprise interest and penalties associated with underpayments when you file in April.

A Change for Businesses filing W-2s and 1099s

There are updated filing requirements for businesses filing W-2s and 1099s for the 2023 tax year. A change now reduces the threshold for having to electronically file these forms. Previously it had been set at 250 forms, but effective for the 2023 tax year, it has been reduced to ten or more. If your business has an aggregate of ten or more W-2s and 1099s you are now required to file electronically. Additionally, a penalty applies if you file returns on paper that were required to be filed electronically. Also, if you need to file a correction and the original return was submitted electronically, you will be required to submit the correction electronically.

If you have questions or need assistance filing any of these forms, please contact our office at accounting@hvandpartners.com or 914-617-7620 and we will direct your call so we can better serve you.

Upcoming Third and Fourth Quarter Related Tax Filing Dates

While it’s nice to think that we can all put aside thinking about tax deadlines again until next year, there are some pertinent dates to keep in mind as we work through the remainder of 2024. The following is a list of filing dates that will occur during the third and fourth quarters. If you have any questions, feel free to reach out to us.

September 15, 2024: Third Quarter 2024 Estimates

This deadline applies to those filing as Individuals, C Corporation and Trusts.

September 15, 2024: New S Corporations

If you elected to become or transferred to becoming an S Corporation during 2024, the Form 1120S is used to report the income, gains, losses, deductions, credits and other information of a domestic corporation or other entity for the 2024 tax year. September 15 is the deadline for filing Form 1120S

September 15, 2024: Partnerships

This is the deadline to file Form 1065 for those partnerships which had filed for an extension. All domestic business partnerships headquartered in the U.S. file this annually, including general partnerships, limited partnerships and limited liability companies (LLCs). It is used to report income, gains, losses, deductions and credits.

September 30, 2024: Estates and Trusts

This is the deadline for estate and trust returns using Form 1041 that had filed for an extension. Executors, Trustees or personal representatives of an estate use Form 1041 to declare any taxable income that an estate or trust generated after the decedent passed away and before designated assets were transferred to beneficiaries.

October 15, 2024: Individuals

This is the deadline for Individuals to file extended 2023 tax returns.

October 15, 2024: C Corporations

This is the deadline for C Corporations to file extended tax returns.

November 15, 2024: Exempt Organizations

For exempt organizations such as nonprofits with annual revenue of $500,000 or more, nonexempt charitable trusts, and 527 political organizations, this is the deadline to file returns for organizations with a fiscal year ending June 30, 2024.

December 15, 2024: C Corporations

December 15 is the deadline for C Corporations to make their Fourth Quarter 2024 estimated payments.

January 1, 2025: Corporate Transparency Act

Deadline to report ownership information to the government for qualifying companies established before January 1, 2024. Companies that report after the deadline will be subject to a penalty. Additional information can be found under New Corporate Transparency Filing Regulations for Small Businesses in Tax News.

January 15, 2025: Fourth Quarter 2024 Estimates

This deadline applies to those filing as Individuals and as Trusts.