New 2023 tax legislation is still making its way through Congress, and this new set of laws may require some business owners to hold off filing their 2023 returns. If the legislative package is signed into law and your return has already been filed, an amendment may need to be filed to fix the original return. While getting tax returns completed and filed is always a relief, it may be prudent to wait at this point until there is a solid set of rules in place before submitting a return.
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With the tax season in full-swing, please pay attention to the following deadlines to avoid paying penalties.
January 31, 2024
W-2's and W-3's are due by this date. Depending on the number of forms, these may need to be electronically filed.
February 28, 2024
Copies of 1099's and 1096's must be sent to the government by this date. It should be noted that these forms are supposed to be out to your suppliers by the end of January, but the Government won't begin charging penalties until after the February Deadline.
March 15, 2024
Partnership and S Corp Returns are due.
April 15, 2024
C Corp, Estate, Trust, Fincen (Fbar), and Personal Income Tax Returns are due.
If you're unable to file your returns on time, you may file an extension which will provide an additional 6 month timeframe to file many of these returns. If you do file an extension and then file the return inside the six months, you will avoid a Failure To File Penalty.
It should be noted that extensions do nothing but extend the amount of time for the "paper" return to be filed. They don't extend the due date of any payment that was necessary with the return.
As such, if you think you'll owe taxes, then a deposit should be submitted with the extension by the original due date to avoid any Failure To Pay Penalties.
Form 990
These Non-Profit Returns are due 5 months and 15 days past the year end of the entity.
Form 5500
These retirement plan forms are due on the last day of the seventh month after the year end of the plan.
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