Keeping track of tax deadlines can be overwhelming, especially for businesses juggling various forms and filing requirements. This April, several crucial tax deadlines loom, impacting everything from employee and healthcare reporting to corporate income taxes. Let’s break down these deadlines and ensure you file everything smoothly:
Deadlines for Electronic Filing (by April 1st):
- Forms 1098, 1099 (excluding 1099-NEC), and W-2G: This deadline applies solely to electronic submissions. Paper filers had an earlier deadline of January 31st or February 28th, depending on the form.
- Applicable Large Employers (ALEs) – Form 1095-C: If you electronically report health insurance offered and covered by your company, this is the filing deadline. Paper filers had a due date of February 29th, 2024.
- Large Food and Beverage Establishment Employers – Forms 8027: Electronically file these forms to report your 2023 information by April 1st. Paper filers had a deadline of February 29th, 2024.
Important Dates for Household Employers (by April 15th):
- Schedule H – Household Employment Taxes: If you paid a household employee cash wages exceeding $2,600 in 2023, you must file Schedule H. Attach it to your federal tax return (Form 1040 or 1040-SR) and report any related employment taxes. This includes federal unemployment tax (FUTA) if you paid total cash wages of $1,000 or more per quarter in 2022 or 2023, and any withheld income tax from your household employee.
C-Corporations and Estimated Tax Payments (by April 15th):
- Form 1120 – 2023 Corporate Income Tax Return: File your corporation’s income tax return and pay any taxes owed. For an automatic 6-month extension, file Form 7004. Note that this extension protects against late filing penalties only; estimate and deposit your tax liability using Form 7004 instructions to avoid late payment penalties.
- 2024 Estimated Tax: This is the first estimated tax installment due for calendar-year C-Corporations.
Payroll and Withholding Tax Deposits (by April 15th):
- Social Security, Medicare, and Withheld Income Tax: If the monthly deposit rule applies, deposit the tax for March payments.
- Non-Payroll Withholding: Similar to above, deposit any non-payroll withholding tax for payments made in March.
Fiduciary Return Filings (by April 15th):
This is the last day to file a 2023 calendar year fiduciary tax return (Form 1041) or request an extension.
Tax Deposits and Filings by April 30th:
- Form 941 – Social Security, Medicare, and Withheld Income Tax: File Form 941 for the first quarter of 2024. Deposit or pay any outstanding tax under the accuracy of deposit rules. If your tax liability is less than $2,500, you can submit full payment with a timely filed return.
- Federal Unemployment Tax: Deposit any federal unemployment tax owed through March if it exceeds $500.
Weekends and Holidays
If a due date falls on a weekend or legal holiday, the deadline is automatically extended to the next business day.
Disaster Relief
The IRS may extend deadlines for filing and paying taxes if a geographical area is declared a disaster area. You can find information on disaster relief and extended deadlines on the FEMA and IRS websites.
Remember: This article is for informational purposes only and should not be taken as tax advice. Always consult with a qualified tax professional for guidance on your specific tax situation.
By familiarizing yourself with these deadlines and filing electronically whenever possible, you can streamline the tax filing process for your business and avoid any late filing penalties.
