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Tax compliance is a crucial part of running a business, and staying on top of key deadlines is essential for avoiding penalties and ensuring smooth operations. For corporations, there are several important tax-related dates to keep in mind during the year. These dates encompass everything from quarterly estimated tax payments to filing annual returns. Missing even one deadline can result in hefty penalties or interest charges, which is why it’s important for businesses to stay organized and ahead of the curve.

Here’s a comprehensive guide to the most important corporate tax date in 2024:

1. January 31, 2024: Deadline for Issuing Forms 1099

The year kicks off with the January 31 deadline for sending out Form 1099 to independent contractors and other non-employees who earned over $600 in the previous year. This includes Form 1099-MISC (for miscellaneous income) and Form 1099-NEC (for non-employee compensation). It’s crucial for businesses to send these forms to recipients on time and file them with the IRS by the same date to avoid penalties.

2. March 15, 2024: S-Corporation and Partnership Tax Returns Due

If your corporation operates as an S-Corporation or a partnership, your tax returns are due on March 15, 2024. This is the deadline for filing Form 1120S (S-Corporations) or Form 1065 (Partnerships) with the IRS.

If you need additional time to file, you can request an extension, but that will only extend the time to submit your paperwork—not to pay any taxes owed. Keep in mind that late filings may result in significant penalties.

3. April 15, 2024: Corporate Tax Filing Deadline

For C-corporations, the deadline to file their annual income tax returns is April 15, 2024. This is the due date for filing Form 1120 (U.S. Corporation Income Tax Return) with the IRS. If your fiscal year follows the calendar year, this is the final date to file your taxes for the previous year.

If your corporation needs more time to file, an extension can be requested, but it’s important to note that an extension gives you extra time to file—not to pay any taxes owed. Failure to pay on time can result in penalties and interest.

4. April 15, 2024: First Quarter Estimated Tax Payment Due

Corporations are generally required to make estimated quarterly tax payments if they expect to owe $500 or more in tax for the year. The first quarter payment is due on April 15, 2024. These payments are based on the income your business earned during the first quarter (January 1 to March 31), and they must be submitted to the IRS by the due date to avoid penalties.

Corporations can make estimated payments via the Electronic Federal Tax Payment System (EFTPS) or mail in Form 8109-B (if applicable).

5. June 15, 2024: Second Quarter Estimated Tax Payment Due

For the second quarter, businesses need to submit their estimated tax payment by June 15, 2024. This payment will be based on the income from April 1 to May 31. Corporations that anticipate owing $500 or more in taxes for the year are required to make this payment. Just like with the first quarter, failure to pay on time can result in penalties.

6. September 15, 2024: Third Quarter Estimated Tax Payment Due

The third quarter estimated tax payment deadline is September 15, 2024. This payment will be based on income earned from June 1 to August 31. By this point in the year, it’s important to review your corporation’s financial performance and ensure that the estimated tax payments are accurate.

This is also a good time for corporations to assess their tax planning strategies and make any necessary adjustments before the end of the year. If you’ve already made estimated payments for the first two quarters, check that you’re on track with your projections and consider whether your payments need to be increased or adjusted.

7. October 15, 2024: Extended Tax Filing Deadline for C-Corporations

If you filed for an extension in April, the final deadline to file your C-corporation’s tax return is October 15, 2024. An extension of time to file does not extend the time to pay any taxes owed, so businesses must still ensure that any outstanding tax liability is paid by the April 15 deadline.

8. December 15, 2024: Fourth Quarter Estimated Tax Payment Due

The final quarterly estimated tax payment for the year is due December 15, 2024. This payment is based on income earned from September 1 to November 30. At this point, corporations should have a fairly clear picture of their earnings for the year, and their final payment should reflect any remaining taxes due.

Corporations that make timely payments throughout the year often find that their year-end tax liabilities are easier to manage. If any adjustments or payments are required, this last quarter is a critical time to make them.

9. December 31, 2024: End of the Tax Year for Most Corporations

For corporations following the calendar year (January 1 to December 31), December 31 marks the end of the tax year. This is a good time to review the overall tax situation and plan any final strategies, such as making contributions to retirement plans, accelerating expenses, or deferring income to the next year to reduce taxable income.

Key Takeaways: Staying on Top of Corporate Tax Deadlines

For business owners, keeping track of these dates is essential to staying compliant with the IRS. Missing any of these crucial deadlines could result in penalties or missed opportunities for deductions or credits. It’s important to have a solid system in place for managing tax obligations, whether that’s by using a calendar, setting reminders, or working with a tax professional. Discover More about how to streamline your tax management today.

If your business is expecting a significant tax liability, it’s wise to consult with a CPA or tax advisor to ensure that estimated payments are accurate and that you are taking advantage of all available tax planning strategies. Filing on time and making estimated payments when required will help your business avoid unnecessary fees and keep it on the path toward financial success.

By staying ahead of your corporate tax deadlines in 2024, you can ensure that your business remains in good standing with the IRS and ready to tackle the new year with confidence.