The Year Ahead: 2024 Payroll Tax Deadlines

January 15, 2024

The new year is here and upcoming tax payroll filing deadlines for employers are right around the corner. Even if you outsource payroll, it is the employer’s responsibility to keep track of the deadlines and ensure that payments are being submitted on your behalf.

Payroll and Business Tax Deadlines for 2024

Here are the upcoming 2024 tax and payroll filing deadlines for employers:

January 31

– Due date for employers to provide W-2 statements to employees and file Forms W-2 and W-3 with the Social Security Administration.

– Due date for payers to provide Form 1099-NEC to recipients and to the IRS (Form 1096).

– Employers must file 2022 Form 940 Federal Unemployment tax returns and pay any tax due.

– 2023’s 4th quarter Quarterly federal tax return Form 941 is due. (If you deposited all withheld income taxes when due, then you have 10 additional calendar days to file.)

– Form 943 for agricultural businesses is due.

– Form 944 is due, for small employers who are required for file annually instead of quarterly.

– Form 945, Annual Return of Withheld Federal Income Tax for pension plans is due. (If you deposited all withheld income taxes when due, then you have 10 additional calendar days to file.)

February 28

– Paper-filing deadline for payers to file most 1099 Forms (-MISC, -DIV, -K, etc.), 1095-B, and 1095-C with the IRS.

– Due date for Form 8027 Tip Reporting for food and beverage establishments.

March 1

– Due date for employers to furnish Forms 1095-B, 1095-C, 1094-B, and 1095-C to employees.

March 15

-S-Corporation and partnership income tax returns due.

March 31

– Electronic filing-deadline for payers to file most 1099 Forms (-MISC, -DIV, -K, etc.), 1095-B, and 1095-C with the IRS.

April 15

-C-Corporation and schedule-C income tax returns due.

June 12, 2024

– Form 941 Employer’s quarterly federal tax return due.

September 12, 2024

– Form 941 Employer’s quarterly federal tax return due.

December 12, 2024

– Form 941 Employer’s quarterly federal tax return due.

January 31, 2025

– Form 941 Employer’s quarterly federal tax return due.
– See above January 31st due date items and prepare accordingly for 2025.

 

2024 Federal and Banking Holidays

Why do federal and banking holidays matter when running a business? Plan ahead on key days to help avoid interruptions in your pay periods.

Monday, January 1 – New Years Day

Monday, January 15 – Martin Luther King Day

Monday, February 19 – President’s Day

Monday, May 27 – Memorial Day

Friday, June 21 – Juneteenth

Thursday, July 4 – Independence Day

Monday, September 2 – Labor Day

Monday, October 14 – Indigenous Peoples Day / Columbus Day

Monday, November 11 – Veteran’s Day

Thursday, November 28 – Thanksgiving

Wednesday, December 25 – Christmas Day

 

How to Prepare for 2024

While has not quite started yet, there are some things that you can do to help best prepare you and your business for the year ahead while also making sure that you do not miss any upcoming deadlines.

  • Gather all documents. Make sure that your employees have filled out and returned all of the necessary paperwork for the upcoming tax season. This includes documents like EIN, addresses, Social Security numbers, and any other required information.
  • Check for changes in 401(k) plans and research your options. States like New Jersey have required that small businesses provide 401(k) plans for their employees starting in 2023. As an employer, you can choose your own plan for your employees or accept the state mandated plan. Be sure to research your options to make the best decision for you, your business, and your employees.
  • Make sure you are up to date on any possible wage changes. The minimum wage in New Jersey is increasing, again, at the start of 2024. Be sure you properly understand what these adjustments are and what is expected of you.
  • Review your payroll and HR processes. Are you spending too much time managing payroll and human resources for your business? 2043 may be the right time for you to start outsourcing your payroll and human resources or look into choosing a new payroll provider. The end of the year is the perfect time to make the switch.
  • Contact your accountant. Your accountant is currently prepping themselves and your business for the upcoming tax season. Reach out to them to make sure you are both on the same page and you understand what is expected of you.

Easier, Friendlier Payroll Is In Your Reach

Small businesses are a big deal to us. Eliminate the hassle of over complicated payroll and HR processes by partnering with a local and responsive provider.

Focus on your business and leave the payroll and tax to us. Count on Abacus Payroll.

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