Individual Due Dates
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 –
If you didn’t pay your last installment of estimated tax by January 16, you may choose (but aren’t required) to file your income tax return (Form 1040 or Form 1040-SR) for 2023 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you can’t file and pay your tax by January 31, file and pay your tax by April 15 (April 17 if you live in Maine or Massachusetts).
Business Due Dates
January 1 – Beneficial Ownership Reporting Starts –
The new Beneficial Ownership Information Reporting Rule requires certain entities (most corporations, limited liability companies, partnerships) to electronically file “beneficial ownership” information reports to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) starting on January 1, 2024. Businesses created or registered to do business before Jan. 1, 2024 have until Jan. 1, 2025 to file their initial reports. Companies created or registered on or after Jan. 1, 2024, will have 30 days to file after their creation. Please contact this office if you need information about or assistance in complying with the reporting requirements. Substantial penalties apply 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’S COPY: All employers need to give copies of the W-2 form for 2023 to their employees. If an employee agreed to receive their W-2 form electronically, post it on a website and notify the employee of the posting. GOVERNMENT’S COPY: W-2 Copy A and Transmittal Form W-3, whether filed electronically or by paper, are due January 31 to the Social Security Administration.
January 31 – File Form 941 and Deposit Any Undeposited Tax –
File Form 941 for the fourth quarter of 2023. Deposit any undeposited Social Security, Medicare, and withheld income tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 12 to file the return.
January 31 – File Form 943 –
All farm employers should file Form 943 to report Social Security, Medicare taxes and withheld income tax for 2023. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 12 to file the return.
January 31 – W-2G Due from Payers of Gambling Winnings –
If you paid either reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of the W-2G form for 2023.
January 31 – Individuals Who Must Make Estimated Tax Payments –
Individuals Who Must Make Estimated Tax Payments. If you didn’t pay your last installment of estimated tax by January 17, you may choose (but aren’t required) to file your income tax return (Form 1040 or Form 1040-SR) for 2022 by January 31. Filing your return and paying any tax due by January 31 prevents any penalty for late payment of the last installment. If you can’t file and pay your tax by January 31, file and pay your tax by April 18.
January 31 – File Form 940 – Federal Unemployment Tax –
File Form 940 2023. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 12 to file the return.
January 31 – File Form 945 –
File Form 945 to report income tax withheld for 2023 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year timely, properly, and in full, you have until February 12 to file the return.
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