2024 Key Tax Dates for Small Businesses

Navigating the intricate landscape of tax deadlines can be daunting for business owners. With various due dates for different types of entities and constantly changing regulations, it's easy for important dates to slip through the cracks. As a business owner, your focus should be on steering the growth of your enterprise, not wrestling with tax complexities.

To help streamline the process and reduce the risk of errors, the IRS has introduced some important updates for the 2024 tax season.

New E-Filing Rules

The IRS has established new requirements urging businesses to adopt electronic filing methods. This shift not only aligns with the broader trend of digitization but also aims to enhance accuracy, reduce processing times, and minimize errors in tax reporting.

Starting this year, individuals and businesses filing ten or more returns annually are now required to e-file. Understanding this threshold is crucial for businesses to avoid potential penalties. To accommodate those who may face challenges with electronic filing, the IRS offers a Hardship Waiver. This provision ensures that taxpayers with exceptional circumstances can still comply with tax obligations, providing a balanced approach to the new regulations.

Electronic vs. Paper Filing Deadlines

Your chosen method for filing taxes this year can significantly impact your submission window and overall timeline for the 2024 tax season. E-filing not only streamlines the process but also extends your filing window, allowing more time to gather the necessary documentation and ensure accurate submissions. See here to download a document illustrating the varying deadlines for paper filing and e-filing.

Important tax dates 2024
Regardless of the filing method chosen, there are general tax deadlines that all businesses must adhere to. Below are some of the key dates to keep in mind for the 2024 tax season:

January 29

• Tax season begins: IRS begins processing 2023 tax returns

January 31

• Fourth-quarter payroll reporting due
  • Form 941: Form to report total compensation paid to employees
• Last day to send:
  • W-2s to employees and 1099s to contractors (includes 1099-MISC, 1099-NEC, and 1099-K)
  • Form 3921(Copy B) to employees: Form to report ISO compensation
• Last day to file:
  • Form 940: Employer’s Annual Federal Unemployment (FUTA) Tax Return 
  • Form 945: Annual Return of Withheld Income Tax

February 15

• Last day to send:
  • Form 1099-B to employees: Form to report proceeds from broker and barter exchanges

March 1

• Last day to file:
  • Form 1095-B: Form to report minimum health coverage
  • Form 1095-C: Form to report health insurance coverage

March 15

• Last day to file:
  • Form 7004: Form that extends deadline for s-corp returns to September 16, 2024 
  • Form 1065: Form to file returns for partnerships
• Extension available by filing Form 7004: Extends deadline to September 16, 2024 

March 16

• Last day to file:
  • Form 2553: Form to switch entity to an S-corp for the 2024 tax season

April 15

• Tax Day: Last day to file 2023 tax return or request an extension
• First-quarter estimated tax payment due
• Last day to file: 
  • Schedule C Form 1040: Form to report income or loss as a sole proprietor

April 30

• First-quarter payroll reporting due
  • Form 941: Form to report income taxes, Social Security tax, or Medicare tax

June 17

• Second-quarter estimated payment due

July 31

• Second-quarter payroll reporting due
  • Form 941: Form to report income taxes, Social Security tax, or Medicare tax

September 16

• Third-quarter estimated payment due
• Last day to file:
  • Form 7004: Form to request an extension for both s-corps and partnerships

October 15

• Last day to file:
  • Form 1120: Form to file C-corp returns (if an extension was filed)
  • Form 1065: Form to file partnership returns (if extension was filed)
  • Form 1120-S: Form that gives shareholders a copy of their Schedule K-1

October 31

• Third-quarter payroll reporting due
  • Form 941: Form to report income taxes, Social Security tax, or Medicare tax

December 31

• Last day to contribute to an employer-sponsored retirement plan 

January 15, 2025

• Fourth-quarter estimated tax payment due

January 31, 2025

• Fourth-quarter payroll reporting due
  • Form 941: Form to report income taxes, Social Security tax, or Medicare tax
    
    

Keeping track of these dates can be cumbersome, but you don't have to go it alone. Our team is here to provide support, helping you stay on top of your tax obligations and ensuring a seamless filing process, so you can focus on what you do best – running your business.