March 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 March, it is recommended that you:

• File extensions for individuals who have not met the deadline for return preparation.
• Remind individual clients of April 15 estimated tax payment.
• File extensions for S corporations or partnerships that will not meet the March 15 filing deadline.

Key Compliance Dates

Friday, March 1—Semiweekly depositors deposit FICA and withheld income tax on wages paid on February 24-27.

Wednesday, March 6—Semiweekly depositors deposit FICA and withheld income tax on wages paid on February 28-March 1.

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

Monday, March 11:

• Monthly depositors deposit FICA and withheld income tax for February.
• Tipped employees who received $20 or more in tips during February report them to the employer on Form 4070, Employee’s Report of Tips to Employer.

Thursday, March 15—Semiweekly depositors deposit FICA and withheld income tax on wages paid on March 6-8.

Friday, March 16:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on March 9-12.
• Partnerships. File a 2023 calendar year return (Form 1065, U.S. Return of Partnership Income). Provide each partner with a copy of their Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1065), and, if applicable, Schedule K-3 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc.—International, or substitute Schedule K-3 (Form 1065). To request an automatic six-month extension of time to file the return, file Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns. Then, file the return and provide each partner with a copy of their final or amended (if required) Schedule K-1 (Form 1065) and, if applicable, Schedule K-3 (Form 1065) by Sept. 16.
• S corporations. File a 2023 calendar year income tax return (Form 1120-S, U.S. Income Tax Return for an S Corporation) and pay any tax due. Provide each shareholder with a copy of their Schedule K-1 (Form 1120- S), Shareholder’s Share of Income, Deductions, Credits, etc., or substitute Schedule K-1 (Form 1120-S), and, if applicable, Schedule K-3 (Form 1120-S), Shareholder’s Share of Income, Deductions, Credits, etc.—International, or substitute Schedule K-3 (Form 1120-S). To request an automatic six-month extension of time to file the return, file Form 7004 and deposit what you estimate you owe in tax. Then, file the return; pay any tax, interest, and penalties due; and provide each shareholder with a copy of their Schedule K-1 (Form 1120-S) and, if applicable, Schedule K-3 (Form 1120-S) by Sept. 16.
• S corporation election. File Form 2553 to elect to be treated as an S corporation beginning with calendar year 2024. If Form 2553 is filed late, S corporation treatment will begin with calendar year 2025.

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

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

Wednesday, March 27—Semiweekly depositors deposit FICA and withheld income tax on wages paid on March 20-22.

Friday, March 29—Semiweekly depositors deposit FICA and withheld income tax on wages paid on March 23- 26.

Intuit Accountants Resources

• The March 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