taxes dueTax due dates refer to the specific deadlines set by the Internal Revenue Service (IRS) within which taxpayers should file their tax returns and settle any outstanding taxes. Failure to comply can result in penalties and interest charges, making it vital to understand these dates.

JULY – DECEMBER 2023

July 2023

  • July 10: Employees who received $20 or more in tips during June should report these to their employer using Form 4070.
  • July 17: Employers, take note. If the monthly deposit rule is applicable, you are required to deposit taxes related to Social Security, Medicare, and withheld income from payments made in June. This also applies to nonpayroll withholdings.
  • July 31: employers should take care of the following tax-related matters

If an employer owes more than $500 in federal unemployment tax from January to June, it should be deposited.

Employers who manage employee benefit plans, such as pension, profit-sharing, or stock bonus plans, must file Form 5500 or 5500-EZ for the 2022 calendar year. If these plans operate on a fiscal year, these forms should be filed by the last day of the seventh month after the plan year ends.

Small employers, with a 2023 tax liability of $2,500 or more but less than $2,500 for the second quarter, should deposit any undeposited tax.

Employers must file Form 941 for the second quarter of 2023 and deposit any undeposited taxes. If the tax liability is under $2,500, it can be paid in full with a timely filed return.

If an employer has made full, on-time tax deposits for the quarter, they have until August 10 to file the return.

August 2023

  • August 10: Employees who earned $20 or more in tips during July should report them to their employer using Form 4070. Employers should file Form 941 for the second quarter of 2023 if they made timely, proper, and full deposits of taxes.
  • August 15: Employers, if the monthly deposit rule applies, deposit taxes for Social Security, Medicare, and withheld income tax payments made in July. The same rule applies to nonpayroll withholdings.

September 2023

  • September 11: Employees who received $20 or more in tips during August should report them to their employer using Form 4070.
  • September 15: Individuals not covering their total tax liability through withholdings should pay their third installment of 2023 estimated tax using Form 1040-ES.

Employers need to deposit taxes for nonpayroll withholdings and certain other tax payments made in August, if under the monthly deposit rule.

S corporations that requested a 6-month extension need to file their 2022 tax return (Form 1120S), pay due tax, and distribute Schedule K-1 copies to shareholders.

Partnerships that got a 6-month extension should file their 2022 return (Form 1065) and distribute Schedule K1 copies to partners.

Corporations should deposit their third installment of 2023 estimated income tax using Form 1120-W.

October 2023

  • October 10: Employees who earned $20 or more in tips during September should report them to their employer using Form 4070.
  • October 16: Individuals with a 6-month extension should file their 2022 tax return (Form 1040 or 1040-SR) and pay any outstanding amounts.

Employers should deposit certain taxes for September if they’re under the monthly deposit rule.

Corporations with a 6-month extension should file their 2022 tax return (Form 1120) and pay any due amounts.

  • October 31: Employers should file Form 941 for Q3 2023, deposit undeposited taxes, or pay in full if the tax liability is less than $2,500. Full, on-time tax deposits allow until November 13 for filing.

Certain small employers should deposit undeposited tax if their 2023 liability exceeds $2,500 but Q3 liability is less than $2,500.

Employers should deposit federal unemployment tax for Q3 if over $500.

November 2023

  • During November: Employers should encourage employees to fill out a new Form W-4 for 2024 if they experienced any personal or financial changes. The 2023 revision of Form W-4 will be available on the IRS website by mid-December.
  • November 13: Employees who received $20 or more in tips during October should report them to their employer using Form 4070. Employers should file Form 941 for the third quarter of 2023 if they made timely, proper, and full deposits of taxes.
  • November 15: Employers should deposit taxes for Social Security, Medicare, and withheld income tax payments made in October, and for nonpayroll withholdings, if the monthly deposit rule applies.

December 2023

  • December 11: Employees who earned $20 or more in tips during November should report them to their employer using Form 4070.
  • December 15: Corporations should deposit the fourth installment of estimated income tax for 2023. A worksheet, Form 1120-W, is available to help estimate the tax for the year. Employers should deposit taxes for Social Security, Medicare, and withheld income tax payments made in November, and for nonpayroll withholdings, if the monthly deposit rule applies.

Why Gruber and Associates, P.A.

When it comes to tax preparation, you want the confidence of knowing that your tax returns are accurate, compliant, and timely. This is where Gruber and Associates, P.A., your dedicated Fort Lauderdale CPA, comes in. Our team of experts meticulously handles your tax matters, providing timely reminders for upcoming due dates, and offering guidance on complex tax issues.

Don’t let tax due dates stress you out or catch you off guard. Trust in the expertise of Gruber and Associates, P.A. As your committed accountant in Fort Lauderdale, we ensure your taxes are filed promptly and accurately. Reach out to us today and allow our knowledgeable team to take the burden of tax preparation off your shoulders.