December 2023 tax and compliance deadlines

As we approach the end of the year and celebrate the holiday season, we all know that tax season is just around the corner. Get a head start on busy season by reviewing these important tax and compliance deadlines for December 2023. Be sure to share this list with your clients.

In December, it is recommended that you:

• Establish tax return preparation procedures for the upcoming tax season.
• Prepare engagement letters for the upcoming year.
• Follow up with clients for any last-minute tax planning opportunities.
• Prepare tax season work assignments.
• Review new tax developments.
• Remind individual clients of Jan. 16 due date for fourth and final 2023 estimated tax payment.
• Remind business clients of Jan. 31 due date for filing informational returns (W-2s, 1099s).

Key Compliance Dates:

Friday, Dec. 1—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 25-28.

Wednesday, Dec. 6—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Nov. 29-Dec. 1.

Friday, Dec. 8—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 2-5.

Monday, Dec. 11—Tipped employees who received $20 or more in tips during November report them to the employer on Form 4070, Employees Report of Tips to Employer.

Wednesday, Dec. 13:

• Monthly depositors deposit FICA and withheld income tax for November.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 6-8.
• Calendar-year corporations pay fourth installment of 2023 estimated tax.

Friday, Dec. 15:

• Corporations. Deposit the fourth installment of estimated income tax for 2023. A worksheet, Form 1120-W, Estimated Tax for Corporations, is available to help you estimate your tax for the year.
• Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in November.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 9-12.

Wednesday, Dec. 20—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 13-15.

Friday, Dec. 22—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 16-19.

Thursday, Dec. 28—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 20-22.

Friday, Dec. 29:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Dec. 23-26.
• Employers must pay 50% of the amount of the employer share of Social Security tax for 2020 that was deferred under the Coronavirus Aid, Relief, and Economic Security Act. The remainder of the deferred tax is due by Dec. 31, 2023.

Intuit Accountants Resources

• The December calendar with filing deadlines and reminders for you and your clients.
• Intuit Tax Guide 2023
• Tax law changes for tax year 2023
• IRS annual inflation adjustments for tax years 2022 and 2023
• Key Tax Facts for 2023-24