Tax and Business
Alert
– October ‘24
Abstract:
This calendar notes important tax deadlines for the fourth quarter of
2024.
Tax Calendar
October 10 –
Employees must report September tip income of $20 or more to employers
(Form 4070).
October 15 – Individuals whose personal federal income tax
returns for 2023 received an automatic extension must file them no later than today
and pay any tax, interest and penalties due. In addition:
·
Those with offshore bank accounts must file the Financial Crimes
Enforcement Network (FinCEN) Report 114 “Report of Foreign Bank and Financial
Accounts” (also known as the “FBAR”), if not filed already. (This report
received an automatic extension to today if not filed by the original due date
of April 15th.)
·
Calendar-year C corporations that obtained an
extension should file their 2023 Form 1120 by this date.
·
If
the monthly deposit rule applies, employers must deposit the tax for payments
in September for Social Security, Medicare, withheld income tax and nonpayroll
withholding.
October 31
– Employers must file Form 941 for the third quarter of 2024 (November 10 if
all taxes are deposited in full and on time). Also, employers must deposit FUTA
taxes owed through September if the liability is more than $500.
November 12 –
Employees must report October tip income of $20 or more to employers (Form
4070).
November 15
– Calendar-year tax-exempt organizations that obtained an exemption should file
their 2023 returns. In addition:
·
If
the monthly deposit rule applies, employers must deposit the tax for payments
in October for Social Security, Medicare, withheld income tax and nonpayroll
withholding.
December 10 –
Employees must report November tip income of $20 or more to employers (Form
4070).
December 16
– Calendar-year corporations must pay fourth quarter 2024 estimated tax payments.
In addition:
·
If
the monthly deposit rule applies, employers must deposit the tax for payments
in November for Social Security, Medicare, withheld income tax and nonpayroll
withholding.
© 2024