December 23, 2024
January 2025 Business Due Dates
January 1 - Beneficial Ownership Reporting -
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the FinCEN Beneficial Owner Information (BOI) reporting injunction and FinCEN has set new reporting deadlines. See January 13, 2025.
January 13 - Beneficial Ownership Reporting -
On December 23, 2024, the Fifth Circuit Court of Appeals lifted the FinCEN Beneficial Owner Information (BOI) reporting injunction. In light of this decision, reporting companies, except as indicated below, are once again required to file BOI reports with FinCEN. the Department of the Treasury has extended the reporting deadlines as follows:
- Reporting companies created or registered prior to January 1, 2024: These companies have until January 13, 2025, to file their initial Beneficial Ownership Information reports with FinCEN. (These companies would otherwise have been required to report by January 1, 2025.)
- Reporting companies created or registered in the United States on or after September 4, 2024, with a filing deadline between December 3, 2024, and December 23, 2024: These companies have until January 13, 2025, to file their initial Beneficial Ownership Information reports with FinCEN.
- Reporting companies created or registered in the United States on or after December 3, 2024, and on or before December 23, 2024: These companies have an additional 21 days from their original filing deadline to file their initial Beneficial Ownership Information reports with FinCEN.
- Reporting companies qualifying for disaster relief: These companies may have extended deadlines that fall beyond January 13, 2025. They should adhere to whichever deadline falls later.
- Reporting companies created or registered in the United States on or after January 1, 2025: These companies have 30 days to file their initial Beneficial Ownership Information reports with FinCEN after receiving actual or public notice that their creation or registration is effective.
- As indicated in the alert titled “Notice Regarding National Small Business United v. Yellen, No. 5:22-cv-01448 (N.D. Ala.)”, plaintiffs in this case—including Isaac Winkles, the National Small Business Association, and members of the association as of March 1, 2024—are not required to report Beneficial Ownership Information to FinCEN at this time.
January 15 - Employer’s Monthly Deposit Due -
If you are an employer and the monthly deposit rules apply, January 15 is the due date for you to make your deposit of Social Security, Medicare, and withheld income tax for December 2024.
This is also the due date for the nonpayroll withholding deposit for December 2024 if the monthly deposit rule applies. Employment tax deposits must be made electronically (no paper coupons), except employers with a deposit liability under $2,500 for a return period may remit payments quarterly or annually with the return.
Pay your estimated tax for 2024 using Form 1040-ES. You have until April 15 to file your 2024 income tax return (Form 1040 or Form 1040-SR). If you don't pay your estimated tax by January 15, you must file your 2024 return and pay any tax due by March 3, 2025, to avoid an estimated tax penalty.
January 31 - 1099-NECs Due to Service Providers & the IRS -
If you are a business or rental property owner and paid $600 or more to individuals (other than employees) as nonemployee compensation during 2024, you are required to provide Form 1099-NEC to those workers by January 31. “Nonemployee compensation” can mean payments for services performed for your business or rental by an individual who is not your employee, commissions, professional fees and materials, prizes and awards for services provided, fish purchases for cash, and payments for an oil and gas working interest. To avoid a penalty, copies of the 1099-NECs also need to be sent to the IRS by January 31, 2025. The 1099-NECs must be submitted on optically scannable (OCR) forms. This firm prepares 1099s in OCR format for submission to the IRS with the 1096 submittal form. This service provides both recipient and file copies for your records. A business or individual who is required to file 10 or more information returns (i.e., 1099s and W-2s among others) must file those forms electronically. Please call this office for preparation assistance.
January 31 - All Businesses - File 1099s -
Give annual information statements to recipients of certain payments made during 2024. Use the appropriate version of Form 1099 or other information return. Form 1099 can be issued electronically with the consent of the recipient. Payments that may be covered include the following.
- Cash payments for fish (or other aquatic life) purchased from anyone engaged in the trade or business of catching fish.
- Compensation for workers who aren't considered employees (including fishing boat proceeds to crew members).
- Dividends and other corporate distributions
- Interest
- Rent
- Royalties
- Payments of Indian gaming profits to tribal members
- Profit-sharing distributions
- Retirement plan distributions
- Original issue discount
- Prizes and awards
- Medical and health care payments
- Debt cancellation (treated as payment to debtor)
- Cash payments over $10,000 (See Form 8300)
EMPLOYEE’S COPY: All employers need to give copies of the W-2 form for 2024 to their employees. If an employee agreed to receive their W-2 form electronically, post it on a website and notify the employee of the posting. GOVERNMENT’S COPY: W-2 Copy A and Transmittal Form W-3, whether filed electronically or by paper, are due January 31 to the Social Security Administration.
January 31 - File Form 940 - Federal Unemployment Tax -
File Form 940 for 2024. If your undeposited tax is $500 or less, you can either pay it with your return or deposit it. If it is more than $500, you must deposit it. However, if you deposited the tax for the year in full and on time, you have until February 10 to file the return.
January 31 - File Form 941 and Deposit Any Undeposited Tax -
File Form 941 for the fourth quarter of 2024. Deposit any undeposited Social Security, Medicare, and withheld income tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until February 10 to file the return.
January 31 - File Form 943 -
All farm employers should file Form 943 to report Social Security, Medicare taxes and withheld income tax for 2024. Deposit or pay any undeposited tax under the accuracy of deposits rule. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year in full and on time, you have until February 10 to file the return.
January 31 - File Form 945 -
File Form 945 to report income tax withheld for 2024 on all nonpayroll items, including backup withholding and withholding on pensions, annuities, IRAs, gambling winnings, and payments of Indian gaming profits to tribal members. Deposit or pay any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the year timely, properly, and in full, you have until February 210 to file the return.
If you paid either reportable gambling winnings or withheld income tax from gambling winnings, give the winners their copies of the W-2G form for 2024.
Weekends & Holidays:
If a due date falls on a Saturday, Sunday or legal holiday, the due date is automatically extended until the next business day that is not itself a legal holiday.
Disaster Area Extensions:
Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the following websites:
FEMA: https://www.fema.gov/disaster/declarations
IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations
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