In the fourth quarter of 2023, businesses and employers should be aware of these key tax-related deadlines.
(Note: Additional deadlines may apply. Please contact your accountant directly to ensure you’re meeting all filing requirements.)
While certain tax-filing and tax-payment deadlines may be postponed for taxpayers who reside in or have businesses in federally declared disaster areas, the following dates act as a general guideline:
October 2 (Monday): Final day to set up a SIMPLE IRA plan
If you (or a predecessor employer) did not previously maintain a SIMPLE IRA plan, October 2nd is the final day to initially set up one.
Exception: If you’ve become a new employer after October 1st, you can establish a SIMPLE IRA as soon as administratively feasible after your business is established.
October 16 (Monday): C Corporations and automatic six-month extensions
If you run a C corporation, this is your final date to:
- Establish and contribute to a SEP for 2022, (if an automatic six-month extension was filed)
- Make contributions to certain employer-sponsored retirement plans for 2022
- File a 2022 income tax return (Form 1120) and settle any remaining tax, interest and penalties due.
October 31 (Tuesday): 3rd quarter reporting
This is the last day to report third-quarter 2023 income tax withholding and FICA taxes using Form 941 and pay any remaining tax due.
(See exception below under “November 13.”)
November 13 (Monday): Exception for 3rd quarter reporting
If you deposited on time (and in full) all of the associated taxes due, this is the last day to report income tax withholding and FICA taxes for third quarter 2023 using Form 941.
December 15 (Friday): 4th installment of 2023 estimated income taxes
Calendar-year C corporation must pay the fourth installment of 2023 estimated income taxes by this date.
Questions? Smolin can help.
For more information about filing requirements and personal guidance on the deadlines applicable to your business, contact the friendly accountants at Smolin.