The Year Ahead: 2023 Payroll Tax Deadlines
The new year is right around the corner and so are upcoming tax payroll filing deadlines for employers. 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 2023
Here are the upcoming 2023 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.
– 2022’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 15
– Extended due date for taxpayers located in Hurricane Ian disaster areas (Including quarterly payroll and excise tax returns normally due on October 31, 2022, and January 31, 2023).
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 2
– 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 18
-C-Corporation and schedule-C income tax returns due.
May 1, 2023
– Form 941 Employer’s quarterly federal tax return due.
July 31, 2023
– Form 941 Employer’s quarterly federal tax return due.
October 31, 2023
– Form 941 Employer’s quarterly federal tax return due.
January 31, 2024
– Form 941 Employer’s quarterly federal tax return due.
– See above January 31st due date items and prepare accordingly for 2024.
2023 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 2 – Observed New Years Day
Monday, January 16 – Martin Luther King Day
Monday, February 20 – President’s Day
Monday, May 29 – Memorial Day
Monday, June 19 – Juneteenth
Tuesday, July 4 – Independence Day
Monday, September 4 – Labor Day
Monday, October 9 – Indigenous Peoples Day / Columbus Day
Friday, November 10 – Observed Veteran’s Day
Thursday, November 23 – Thanksgiving
Monday, December 25 – Christmas Day
How to Prepare for 2023 in December of 2022
While December may not be a busy time for filing your payroll or taxes, 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 are requiring 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. Now is a great time to research your options to make sure you are prepared.
- 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 2023. 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? 2023 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.
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