January 2 - Time to Call For Your Tax Appointment
January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded.
January 10 - Report Tips to Employer -
If you are an employee who works for tips and received more than $20 in tips during December, you are required to report them to your employer on IRS Form 4070 no later than January 10.
January 16 - Individual Estimated Tax Payment Due -
It’s time to make your fourth quarter estimated tax installment payment for the 2023 tax year.
January 31 - Individuals Who Must Make Estimated Tax Payments -
It is your option, but not your obligation, to submit your income tax return (Form 1040 or Form 1040-SR) for 2023 by January 31 if you did not pay your final estimated tax installment by January 16. Any penalties for late payment of the last installment are avoided by filing your return and paying any taxes owed by January 31. If you are unable to file and pay your taxes by January 31st, you have until April 15th (or April 17th if you reside in Maine or Massachusetts) to do so.
Weekends & Holidays
If a due date falls on a Saturday, Sunday or legal holiday, the due date is automatically extended until the next business day that is not itself a legal holiday.
Disaster Area Extensions
Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the following websites:
FEMA:https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
January 2024 Business Due Dates
January 1 - Beneficial Ownership Reporting Starts
Beginning on January 1, 2024, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) will receive electronically filed "beneficial ownership" information reports from certain entities (most corporations, limited liability companies, and partnerships) in accordance with the new Beneficial Ownership Information Reporting Rule. Before January 1, 2024, businesses that were established or registered to do business had until January 1, 2025, to file their inaugural reports. Businesses that are established or registered on or after January 1, 2024, shall have 30 days from the date of formation to file. If you require any support or information in order to comply with the reporting obligations, please get in touch with our office. There are severe consequences for non-compliance.
January 16 - Employer’s Monthly Deposit Due
If you are an employer and the monthly deposit rules apply, January 16 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for December 2023. This is also the due date for the nonpayroll withholding deposit for December 2023 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.
January 16 - Farmers and Fishermen -
Pay your estimated tax for 2023 using Form 1040-ES. You have until April 15 (April 17 if you live in Maine or Massachusetts) to file your 2023 income tax return (Form 1040 or Form 1040-SR). If you don't pay your estimated tax by January 16, you must file your 2023 return and pay any tax due by March 1, 2024, to avoid an estimated tax penalty.
January 31 - 1099-NECs Due to Service Providers & the IRS -
If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as nonemployee compensation during 2023, you are required to provide Form 1099-NEC to those workers by January 31. “Nonemployee compensation” can mean payments for services performed for your business or rental by an individual who is not your employee, commissions, professional fees and materials, prizes and awards for services provided, fish purchases for cash, and payments for an oil and gas working interest.
To avoid a penalty, copies of the 1099-NECs also need to be sent to the IRS by January 31, 2024. The 1099-NECs must be submitted on optically scannable (OCR) forms. This firm prepares 1099s in OCR format for submission to the IRS with the 1096 submittal form. This service provides both recipient and file copies for your records. A business or individual who is required to file 10 or more information returns (i.e., 1099s and W-2s among others) must file those forms electronically. Please call this office for preparation assistance.
January 31 - Form 1098 and Other 1099s Due to Recipients
Form 1098 (Mortgage Interest Statement) and Forms 1099, including 1099-NEC (see above) are due to recipients by January 31. The IRS’ copy, other than for 1099-NECs, is not due until February 28, 2024, or April 1, 2024, if electronically filed. These 1099s may be reporting the following types of income:
- Dividends and other corporate distributions
- Interest
- Rent
- Royalties
- Payments of Indian gaming profits to tribal members
- Profit-sharing distributions
- Retirement plan distributions
- Original issue discount
- Prizes and awards
- Medical and health care payments
- Debt cancellation (treated as payment to debtor)
- Cash payments over $10,000 (Form 8300)
January 31 - Employers - W-2s Due to All Employees & the Government -
Employee copies of the W-2 form for 2023 must be sent by all businesses to their staff members. If a worker consented to receive their W-2 form electronically, publish it online and let the worker know it's there. GOVERNMENT'S COPY: The Social Security Administration must receive W-2 Copy A and Transmittal Form W-3 by January 31 regardless of whether they are submitted online or on paper.
January 31 - File Form 941 and Deposit Any Undeposited Tax -
For the fourth quarter of 2023, submit Form 941. Any undeposited Medicare, Social Security, and withheld income tax should be deposited. (If you have a tax due under $2,500, you can pay it all at once by filing your return on time.) You have until February 12 to file the return if you deposited the tax for the quarter in whole and on schedule.
January 31 - File Form 943 -
In order to submit Social Security, Medicare, and withheld income tax for 2023, all agricultural employers must file Form 943. Any taxes that are not yet deposited should be deposited. (If you have a tax due under $2,500, you can pay it all at once by filing your return on time.) You have until February 12 to file the return if you deposited the tax for the year in whole and on time.
January 31 - W-2G Due from Payers of Gambling Winnings -
Give the winners their copies of the W-2G form for 2023 if you paid either reportable gambling winnings or withheld income tax from gambling winnings.
January 31 - Individuals Who Must Make Estimated Tax Payments -
People Who Are Required to Pay Estimated Taxes. You have the option, but not the obligation, to submit your income tax return (Form 1040 or Form 1040-SR) for 2022 by January 31 if you failed to pay your final estimated tax installment by January 17. Any penalties for late payment of the last installment are avoided by filing your return and paying any taxes owed by January 31. File and pay your taxes by April 18 if you are unable to do so by January 31.
January 31 - File Form 940 - Federal Unemployment Tax -
Put Form 940 2023 in the file. You have two options: deposit the tax or pay it with your return if it is $500 or less in undeposited tax. If the amount exceeds $500, you have to deposit it. You have until February 12 to file the return, nevertheless, assuming you deposited the tax for the year in full and on schedule.
January 31 - File Form 945 -
Submit Form 945 to report income tax withheld on all nonpayroll items for 2023, including backup withholding and withholding on annuities, pensions, IRAs, wins from gambling, and payments made to tribe members from Indian gaming earnings. Remit any taxes that have not been deposited. (If you have a tax due under $2,500, you can pay it all at once by filing your return on time.) You have until February 12 to file the return if you deposited the tax for the year in a timely, accurate, and complete manner.
Weekends & Holidays:
A deadline is automatically extended to the following business day that is not also a legal holiday if it falls on a Saturday, Sunday, or legal holiday.
Disaster Area Extensions:
Please be aware that deadlines will be extended if a region is declared a disaster area. Visit the following websites to find out if a region has been declared a disaster area and what the filing deadlines are.
FEMA: https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
