Upcoming Tax Due Dates February - April 2024

February 8, 2024
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Scott Lowe, CPA

Keeping up with the abundance of tax deadlines during the year can be a challenging and stressful undertaking, so we have compiled this list  to help guide you through some of the key upcoming first quarter deadlines.

February 15, 2024: Individuals exempt from income tax withholding

If you claimed exemption from income tax withholding last year using the Form W-4, you must file a new Form W-4 by the above date if you wish to continue your exemption for another year.

February 15, 2024: All businesses

All businesses must give their annual information statements to recipients of certain payments made during 2023 by the above date for the following types of payments:

  • All payments reported on Form 1099-B.
  • All payments reported on Form 1099-S.
  • Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 10 of Form 1099-MISC.

Additionally, all businesses must file with the IRS those information returns described previously under the January 31, 2023: All businesses deadline by the above date.

You should utilize a separate Form 1096 to summarize and transmit the forms for each type of payment. Please visit the General Instructions for Certain Information Returns on the IRS website for detailed information.

Exceptions:

Form 1099-NEC reporting nonemployee compensation must be filed by January 31, 2024.

If you file Forms 1097, 1098, 1099 (excluding 1099-NEC), 3921, 3922, or W-2G electronically, the deadline for IRS filing is April 1, 2024, otherwise, the deadline remains as stated above.

March 15, 2024: Partnerships

File Form 1065, or an extension, U.S. Return of Partnership Income, by the above date.

Ensure each partner has been provided with a copy of their Schedule K-1 (Form 1065) prior to or on this filing date. Visit IRS website for information regarding extensions.

March 15, 2024: S Corporations

File Form 1120-S, U.S. Income Tax Return for an S Corporation, and pay any tax due by the above deadline. Each shareholder must be provided with a copy of their Schedule K-1 (Form 1120-S). Visit the IRS website for information regarding extensions.

Any business wishing to be treated as an S corporation for the calendar year 2023 must file Form 2553 by the above deadline. If this form is filed late, S corporation treatment will not begin until calendar year 2024.

April 1, 2024: All businesses

If you file Forms 1097, 1098, 1099 (excluding 1099-NEC), 3921, 3922, or W-2G electronically, the above date is the due date for IRS filing. Paper filing of these forms is due February 28, 2024.

All the listed forms must generally be given to the payment recipients by January 31, 2024.

April 15, 2024: Deadlines

April 15 is a due date for many forms. See list below of items you may need to submit.

  • Form 1040: Individual tax return for tax year 2023
  • Form 4868: Individual tax return extension for tax year 2023
  • If you choose to extend, the individual tax return extension is also due on this day but please note it is not an extension of tax payments due.
  • Form 1040-ES: 1st-quarter 2024 estimated tax payments
  • If you are self-employed or have income that requires quarterly estimated taxes, your Form 1040-ES is due by this date.
  • Form 1041: Income Return for Estates and Trusts
  • If you are a fiduciary of an estate or trust, this form is due April 15, 2024.
  • Form 7004: Estates and Trust Income Return Extension
  • If you choose to extend your 1041, the extension must be filed by midnight of April 15, 2024.
  • 2023 IRA Contributions: This day is also the last day to fund your retirement account for 2023 (if you contribute to a traditional IRA or a Roth IRA.) Th.is is also the deadline for HSA contributions

Conclusion

Tax season can certainly feel overwhelming, and late fees and penalties only add to that stress. HHM CPAs aims to alleviate this avoidable burden by keeping you up to date with the latest tax information.

Please note that this list is not comprehensive but rather it is meant to act as your general guide to the most prevalent first quarter deadlines this tax season.

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