February 2024 tax and compliance deadlines

February may have Valentine’s Day, but it’s also the first full month of tax season. Along the way, don’t forget about important tax and compliance deadlines. Be sure to share this list with your clients.

In February, it is recommended that you:

• Send reminders to individual clients who have not returned tax preparation packets or scheduled appointments.
• Remind Partnerships and S Corporations of the March 15 return filing deadline.

Key Compliance Dates

Friday, Feb. 2—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 27-30.

Wednesday, Feb. 7—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 31-Feb. 2.

Friday, Feb. 9—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 3-6.

Monday, Feb. 12:

• Tipped employees who received $20 or more in tips during January report them to the employer on Form 4070, Employee’s Report of Tips to Employer.
• Monthly depositors deposit FICA and withheld income tax for January.
• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the fourth quarter of 2023 if tax for the quarter was deposited in full and on time.
• Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2023 if tax for the year was deposited in full and on time.

Wednesday, Feb. 14—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 7-9.

Thursday, Feb. 15:

Claims for 2023 exemptions from income tax withholding expire; employers must begin withholding tax unless employee has submitted a new W-4 to continue exemption for 2024. Monthly depositors deposit FICA and withheld income tax for January.

All businesses. Give annual information statements to recipients of certain payments made during 2023. You can use the appropriate version of Form 1099 or another information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments:

• All payments reported on Form 1099-B.
• Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 10 of Form 1099-MISC.

Individuals. If you claimed exemption from income tax withholding last year on the Form W-4 you gave your employer, you must file a new Form W-4 by this date to continue your exemption for another year.

All businesses. Give annual information statements to recipients of certain payments you made during 2023. You can use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. This due date applies only to the following types of payments:

• All payments reported on Form 1099-B.
• All payments reported on Form 1099-S. Publication 509 (2024) Page 3.
• Substitute payments reported in box 8 or gross proceeds paid to an attorney reported in box 10 of Form 1099-MISC.

Friday, Feb. 16—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 10-13.

Wednesday, Feb. 21—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 14-16.

Friday, Feb. 23—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 17-20.

Wednesday, Feb. 28—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Feb. 21-23.

Thursday, Feb. 29:

All businesses. File information returns (for example, certain Form 1099s) for certain payments you made during 2023. These payments are described under All businesses under Jan. 31 on the January tax compliance article. However, Form 1099-NEC reporting nonemployee compensation must be filed by Jan. 31. There are different forms for different types of payments. Use a separate Form 1096, Annual Summary and Transmittal of U.S. Information Returns, to summarize and transmit the forms for each type of payment. See the General Instructions for Certain Information Returns for information on what payments are covered, how much the payment must be before a return is required, which form to use, and extensions of time to file.

If you file Forms 1097, 1098, 1099 (except a Form 1099-NEC reporting nonemployee compensation), 3921, 3922, or W-2G electronically, your due date for filing them with the IRS will be extended to April 1. The due date for giving the recipient these forms generally remains Jan/ 31.

Farmers and fishermen. File your 2023 income tax return (Form 1040 or Form 1040-SR) and pay any tax due. However, you have until April 15 to file if you paid your 2023 estimated tax by Jan. 15, 2024.

Intuit Accountants Resources

• The February 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 2023 and 2024
• IRS annual inflation adjustments for tax years 2022 and 2023
• Key Tax Facts for 2023-24