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Fiducial's 2024Federal Tax Calendar
January 2024
January 1, 2024
New Beneficial Ownership Reporting Rule Starts: Starting January 1, 2024, certain entities are required to electronically file "beneficial ownership" information reports to the U.S. Treasury's FinCEN.*
*Businesses created or registered to do business before January 1, 2024, have until January 1, 2025, to file their initial reports. Businesses created or registered on or after January 1, 2024, will have 90 days to file after their creation.
Resources:● FinCEN Filing System
January 16, 2024
Non-Withholding Individuals: The final installment of quarterly estimated tax payments for Q4 2023 is due if you didn't pay your income tax through withholding.*
*You do not need to make this payment if you file your 2023 tax return (Form 1040 or Form 1040-SR) and pay all tax due by January 31, 2024.
EFTPS users: Payments must be scheduled by 8 PM EST at least one calendar day before the tax due date.
Forms:● Form 1040-ES - Estimated Tax for Individuals (2023 Voucher 4)
January 31, 2024
Non-Withholding Individuals: If you didn't pay your last installment of estimated tax by January 16th, file your income tax return (Form 1040 or Form 1040-SR) for 2023 to avoid penalty for late payment.*
*If you missed the estimated payment date and are unable to file and pay your tax by January 31st, do so ASAP. If you wait until April 15th, additional penalties and interest will be incurred.
Payers of Non-Employee Compensation: Form 1099s due to contractors and the IRS.*
*New for 2024, businesses or individuals filing 10 or more information returns must file electronically. Read about the new e-file requirement here.
Employers Distribute Employee W-2s: Form W-2 due to employees and Social Security Administration. If employees agreed to receive their W-2s electronically, publish them online and notify employees about availability.
Nonpayroll Taxes Due: Report Income tax withheld for 2023 for all nonpayroll items using Form 945.
Forms:● Form W-2 - Wage and Tax Statement● Form 1099-NEC - Non-Employee Compensation● Form 1040 - Individual Tax Return● Form 1040-SR - Tax Return for Seniors● Form 1099-MISC - Miscellaneous Income● Form 945 - Annual Return of Withheld Federal Income Tax
February 2024
February 15, 2024
Individuals Who Claimed an Income Tax Withholding Exemption: If you claimed an exemption last year on Form W-4, you must file a new Form W-4 to continue your exemption in 2024.
Information Statements Due For Certain Payments: Give annual information statements to recipients of certain payments made during 2023 using the appropriate Form 1099 or information return.*
*Applicable payments for this deadline: All payments reported on Form 1099-B or 1099-S and substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 10 on Form 1099-MISC.
Forms: ● Form W-4 - Employee's Withholding Certificate● W-4(SP) - Employee's Withholding Certificate (Spanish)● Form 1099-MISC - Miscellaneous Income● Form 1099-B - Proceeds from Broker and Barter Exchange Transactions● Form 1099-S - Proceeds from Real Estate Transactions
February 28, 2024
All Business Information Returns Due: File information returns for payments made during 2023.
Form 1099-MISC is due to the IRS if filed on paper.*
File Form 1096 with information returns, including Forms 1098 and 1099 for payments made during 2023 if filed on paper.*
*Due April 1, 2024 if e-filing.
Forms: ● Form 1099-MISC - Miscellaneous Income● Form 1096 - Annual Summary & Transmittal of U.S. Information Returns● Form 1098 - Mortgage & Interest Statement
February 29, 2024
Employers of Tipped Employees - Tip Income Return Due: Food and beverage establishment employers with tipped employees, file Form 8027. If you have more than one establishment, use Form 8027-T to summarize and transmit paper forms.
Forms: ● Form 8027 - Employer's Annual Information Return of Tip Income and Allocated Tips● Form 8027-T - Transmittal of Employer's Annual Information Return of Tip Income and Allocated Tips
March 2024
March 15, 2024
Partnerships 2023 Calendar Year Returns Due: The IRS requires you to file a 2023 calendar year return using Form 1065.
Provide each partner a copy of their Schedule K-1 or K-3 (Form 1065), partner's share of income, deductions, credits, etc.
File Form 7004 to request an automatic 6-month extension.*
S-Corporations 2023 Calendar Year Returns Due: File a 2023 calendar year income tax return using Form 1120-S and pay any tax due.
Provide each shareholder a copy of their Schedule K-1 or K-3 (Form 1120-S), shareholder's share of income, deductions, credits, etc.
File Form 7004 to request an automatic 6-month extension and deposit what you estimate you owe in tax.*
*Keep in mind that an extension allows you extra time to file, but does not extend the time you have to pay your income tax.
S-Corporation Election: File Form 2553 to elect to be treated as an S-corporation beginning with calendar year 2024.
Forms:● Form 1120-S - Income Tax Return for an S Corporation● Form 1065 - US Return of Partnership Income● Form 7004 - Application for Automatic Extension of Time to File Certain Business Tax, Information, & Other Returns● Form 2553 - Election by a Small Business Corporation
April 2024
April 1, 2024
Electronic Filing of Forms 1097, 1098, 1099, 3921, 3922, 8027, & W-2G: If filing electronically, file forms 1097, 1098, 1099 (except 1099-NEC), 3921, 3922, 8027, and W-2G with the IRS.
Forms:● Form 1097 - Bond Tax Credit● Form 1098 - Mortgage Interest Statement● Form 1099-MISC - Miscellaneous Information● Form 3921 - Excise of an Incentive Stock Option Under Sec. 422(b)● Form 3922 - Transfer of Stock Acquired Through an Employee Stock Purchase Plan Under Sec. 423(c)● Form W-2G - Certain Gambling Winnings● Form 8027 - Employer's Annual Information Return of Tip Income and Allocated Tips
April 15, 2024
Individual Income Taxes Due: Income taxes are due today. File your Form 1040 or 1040-SR today and pay any additional taxes you might owe that you didn’t pay in quarterly estimated taxes.
To request an automatic 6-month extension, file Form 4868 and pay what you estimate you owe in tax to avoid penalties and interest.*
C-Corporation Income Taxes Due: Income tax is due today. The IRS requires that you file Form 1120 and pay any taxes due.
To request an automatic 6-month extension, file Form 7004 and deposit what you estimate you owe in taxes.*
*Keep in mind that an extension allows you extra time to file, but does not extend the time you have to actually pay your income tax.
Household Employers: File Schedule H (Form 1040) if you paid $2,600 or more to a household employee.
Estates and Trusts: File Form 1041 for calendar year entities and pay any tax due.
Non-Withholding Individuals: If not paying income tax through withholding, pay Q1 2024 quarterly estimated taxes using Form 1040-ES.
C-Corporation Q1 Estimated Tax Due: Deposit the first installment of estimated income tax for 2024.
Forms:● Form 1040 - Individual Tax Return● Form 1040-SR - U.S. Tax Return for Seniors (first available tax year 2020)● Form 1120 - U.S. Corporation Income Tax Return● Form 1040-ES - Estimated Tax for Individuals (Payment Voucher 1)● Form 1120-W - Estimated Tax for Corporations● Form 1041 - Estates & Trust Tax Return● Form 4868 - Application for Automatic Extension of Time to File U.S. Individual Income Tax Return● Form 7004 - Application for Automatic Extension of Time to File Certain Business Tax, Information, & Other Returns
May 2024
May 15, 2024
Tax-Exempt Organization Income Returns Due: Form 990 is due today for tax-exempt organizations. Today is the final day to request a six-month tax extension on your time to file using Form 8868.
Forms:● Form 990 - Return of Organization Exempt From Income Tax● Form 8868 - Application for Extension of Time To File an Exempt Organization Return
June 2024
June 1, 2024
As we reach the midpoint of the year, it's the perfect time to reflect on your business's financial health and explore strategies that can help drive greater success through mid-year tax planning. Related Articles:● "Do You Have a Mid-Year Tax Planning Checklist? Fiducial Does"
June 17, 2024
Non-Withholding Individuals: If not paying income tax through withholding, today is the deadline to pay Q2 2024 quarterly estimated taxes.
C-Corporation Q2 Estimated Tax Due: Deposit the second installment of estimated income tax for 2024. Forms:● Form 1040-ES - Estimated Tax for Individuals (Payment Voucher 2)● Form 1120-W - Estimated Tax for Corporations
July 2024
July 31, 2024
Employee Benefits Plans Due: Employee benefits calendar year plans - Form 5500 or 5500-EZ are due today.
Forms:● Form 5500 - Annual Return/Report of Employee Benefit Plan ● Form 5500-EZ - Annual Return of a One-Participant Retirement Plan of a Foreign Plan
September 2024
Sept. 16, 2024
Non-Withholding Individuals: If not paying income tax through withholding, today is the deadline to pay Q3 2024 quarterly estimated taxes.
C-Corporation Q3 Estimated Tax Due: Deposit the third installment of estimated income tax for 2024.
Partnerships & S-Corporation Extension Deadline: This is the income tax filing deadline for partnerships and S-corps that requested a six-month income tax filing extension. Partnerships file Form 1065, S-corps file Form 1120-S and pay tax, interest, and penalties due.
Forms: ● Form 1040-ES - Estimated Tax for Individuals (Payment Voucher 3)● Form 1120-S - Income Tax Return for an S Corporation● Form 1065 - US Return of Partnership Income● Form 1120-W - Estimated Tax for Corporations
October 2024
October 15, 2024
Individuals & C-Corporations Extension Deadline: Today is the final day to file income tax and pay any tax, interest, and penalties due if you requested a six-month tax-filing extension. Individuals file Form 1040, C-corporations file Form 1120.
Forms:● Form 1040 - Individual Tax Return● Form 1040-SR - U.S. Tax Return for Seniors● Form 1120 - U.S. Corporation Income Tax Return
November 2024
November 1, 2024
Finalize any 2024 end-of-year tax planning to decrease your taxable income and start your 2025 tax planning.
Income Tax Withholding Updates: During the month of November, encourage employees who have any personal or financial changes to fill out a new Form W-4 or W-4(SP) for 2025.
Forms:● W-4 - Employee's Withholding Certificate● W-4(SP) - Employee's Withholding Certificate (Spanish)
Related Articles:● Fall Tax Planning For Small Businesses● Year-End Tax Planning Ideas For Your Small Business● Worried About an IRS Audit? Advanced Preparation Is Key● Three Tax Breaks Every Small Business Should Know About● Tax Planning Issues You Should Consider at Year-End
November 15, 2024
Tax Exempt Organizations Form 990 Extension Deadline: Today is the deadline for tax-exempt organizations to file their Form 990 if they requested a 6-month extension.
Forms:● Form 990 - Return of Organization Exempt From Income Tax
December 2024
December 16, 2024
C-Corporation Q4 Estimated Tax Due: Deposit the fourth installment of estimated income tax for 2024.
Forms: ● Form 1120-W - Estimated Tax for Corporations
December 31, 2024
Deadline for Year-End Tax Moves: Today is the final day to make any year-end tax moves to reduce taxable income for 2024.
Related Articles:● Year-End Tax Planning Ideas For Your Small Business● Worried About an IRS Audit? Advanced Preparation Is Key● Three Tax Breaks Every Small Business Should Know About● Tax Planning Issues You Should Consider at Year-End
January 2025
January 15, 2025
Non-Withholding Individuals: Quarterly estimated tax payments for Q4 2024 are due.
Forms:● Form 1040-ES - Estimated Tax for Individuals (Voucher 4)
January 31, 2025