Getting an Extension is more than Just Buying TimeMay 31, 2022
New Corporate Transparency Filing Regulations for Small BusinessesJanuary 30, 2024
First Quarter Tax News and Reminders
As we welcome in the New Year and turn our calendars to 2024, please keep these deadlines in mind when you are organizing your tax-related documents. If you have any questions, free to reach out to us.
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.
January 31, 2024 - Businesses Tax Reporting
The deadline is January 31, 2024 to send 1099 forms to report nonemployee compensation to individuals, including 1099-NEC, 1099-MISC and 1099-K. These should be issued to any independent contractors, gig workers; self-employed individuals and certain other professionals that received payments who are a sole proprietor or member of a partnership or LLC, with payments of $600 or more in 2023.
W-2 forms for 2023 wages should be mailed out to employees no later than January 31, 2024. While employees may not receive them in the mail on this date, they must – at the very least – be sent out at this point. W-3 forms are also due to the Social Security Administration by January 31, 2024.
Form 940 “Employer's Annual Federal Unemployment Tax Return” (FUTA), Form 944 “Annual Reporting of Wages Paid and Employment Taxes,” and lastly Form 945 "Annual Return of Withheld Federal Income Tax" (Backup withholding) are all due by January 31, 2024.
January 31 - Local Taxes
School and property taxes for many local municipalities usually have a portion of these is due by January 31. If your mortgage company or other representative is not automatically paying these on your behalf, you should verify balances due and payment details with your local tax receiver’s department.
February 15, 2024
If you chose to claim an exemption from your employer withholding taxes from your paycheck in 2023 by filing a Form W-4, you’ll need to re-file a new Form W-4 for 2024 by February 15, 2024.
February 15, 2024 - Businesses
February 15, 2024 is the filing deadline for Form 1099-B, 1099-S and Form 1099-MISC for those in which payments in Box 8 or Box 10 are being reported.
February 28, 2024 – Businesses
This is the filing deadline for Form 1098, Form 1099, Form W-2G and transmittal Form 1096 for interest, dividends and miscellaneous payments made during 2023 (other than those with a February 1 or February 15 deadline).
March 15, 2024 - Businesses
The deadline for business tax returns or to request an automatic six-month extension, for calendar year end corporations is March 15, 2024. This includes S corporations, multi-member LLCs and partnerships. C corporations have until April 15, 2024 to file their Form 1120 returns.
The deadline to request an extension for filing New York State Pass Through Entity Tax (PTET) for the 2023 tax year, as well as the NYC PTET. This is also the deadline to opt into the NYC PTET election for tax year 2024.