The Internal Revenue Service began accepting income tax returns this morning. With the official opening of Tax Season, it’s Important for you to know when the deadlines are 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 on many of these returns. It should be noted that extensions do nothing but extend the amount of time for the “paper” return to be filed.
It doesn’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.
Let me leave you with this.
Given the fact that 2023 tax legislation is still making its way through Congress, it might be foolish to file returns at this point. If the legislative package is signed into law and you filed that return, you might need to file an amendment fixing the original return as well.
It’s better to wait at this point until we have a solid set of rules before submitting a return.
If you’re one of my clients, we’ll need the final answers to your year end questions no later than 2 weeks before the filing deadlines. Without those answers we’ll be unable to guarantee that the returns will be completed on time.
If you haven’t sent in what we need to do the returns, please take a moment and get it into us today. Noone wants to pay any unnecessary penalties.
If you need any help, please don’t hesitate to contact us.
We’re all going to get through this. Let’s get through it together.
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Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.SalarySolutions.net
www.AccountingSolutionsLtd.com
Note that the only professional services provided by Accounting Solutions Ltd. are those specified in a written communication from our office detailing the scope of services to be rendered and the terms and conditions applicable to the engagement.
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.AccountingSolutionsLtd.com
www.SalarySolutions.net
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