January 2025 tax and compliance deadlines

January marks the official start of busy season, and even though it may be a few weeks before you begin working on returns for tax year 2024, there are many important deadlines to keep up with, so be sure to read through these and also pass the list to your clients.

In January, it is recommended that you:

• Send reminders to individual clients who have not returned tax preparation packets or scheduled appointments.
• Review pros and cons of S corporation election with eligible corporate clients.
• Remind partnerships of March 15 return filing deadline.

Key Compliance Dates

Thursday, Jan. 2—Semiweekly depositors deposit FICA and withheld income tax on wages paid on December 25-27. 

Monday, Jan. 6—Semiweekly depositors deposit FICA and withheld income tax on wages paid on December 28-31. 

Wednesday, Jan. 8—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 1-3. 

Friday, Jan. 10: 

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 4-7. 
• Tipped employees who received $20 or more in tips during December report them to their employers on Form 4070, Employee’s Report of Tips to Employer. 

Tuesday, Jan. 14—Individuals pay final installment of 2024 estimated tax. 

Wednesday, Jan. 15:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 8-10. 
• Individuals: Make a payment of your estimated tax for 2024 if you didn’t pay your income tax for the year through withholding (or didn’t pay in enough tax that way). Use Form 1040-ES, Estimated Tax for Individuals. This is the final installment date for 2024 estimated tax payments. However, you don’t have to make this payment if you file your 2024 return (Form 1040 or Form 1040-SR) and pay any tax due by Jan. 31, 2025.
• Social Security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments made in December 2024. 
• Monthly depositors deposit FICA and withheld income tax for December. 

Friday, Jan. 17—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 11-14. 

Thursday, Jan. 23—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 15-17. 

Friday, Jan. 24—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 18-21. 

Wednesday, Jan. 29—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 22-24. 

Friday, Jan. 31:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Jan. 25-28. 
• Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the fourth quarter of 2024 (if tax is deposited in full and on time, file by Feb. 10). 
• Qualifying small employers file annual Form 944, Employer’s Annual Federal Tax Return, for 2024 (in lieu of quarterly Form 941s). 
• Employers file Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return, for 2024 (if tax was deposited in full and on time, file by Feb. 10). 
• Furnish copies of Form W-2 for 2024 to employees and file Copy A with the Social Security Administration (SSA).
• Furnish Form 1099-NEC information returns for 2024 to payees of nonemployee compensation and file returns with the IRS. 
• File Form 945, Annual Return of Withheld Federal Income Tax, for 2024 to report income tax withheld on non-payroll items. 
• All employers: Give your employees their copies of Form W-2 for 2024. If an employee agreed to receive Form W-2 electronically, have it posted on a website and notify the employee of the posting.
• Payers of nonemployee compensation: File Form 1099-NEC for nonemployee compensation paid in 2024. 
• All businesses: Give annual information statements to recipients of certain payments you made during 2024. 
• Social Security, Medicare, and withheld income tax: File Form 941 for the fourth quarter of 2024. 

Intuit® Accountant Resources

• The January 2024 calendar with filing deadlines and reminders for you and your clients.
• Intuit Tax Guide 2024
• IRS annual inflation adjustments for tax years 2023 and 2024
• Key Tax Facts for 2024