What Are the Due Dates for Corporate Taxes in 2024?

Regardless of whether you're newly incorporated and tackling your business's taxes for the first time or an experienced tax professional, managing your company's tax responsibilities can take time and effort.

Staying informed about the various tax deadlines that are relevant to you, such as those for quarterly payments, submitting W-2 forms for your employees, or filing your corporate income tax return, can be incredibly demanding.

To assist you in staying organized during this tax season, we've compiled a list of important tax deadlines specifically for C corporations and LLCs opting for C corporation tax status.

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Key Deadlines

January 16, 2024

Deadline for Quarterly Payment for September-December

For those anticipating owing $500 or more in taxes for the year, estimated tax payments to the IRS are required. The last date for the estimated tax payment covering the period from September 1 to December 31, 2023, is January 16. 

(Note that this is the final quarterly payment for the previous year.)

Relevant Forms:

IRS Form 1120-W, Estimated Tax for Corporations

January 31, 2024

Deadline for Form W-2

For businesses with employees, it's mandatory to submit a wage and tax statement for each employee to the IRS, commonly referred to as Form W-2. Two copies of this form for each employee should be completed and dispatched by January 31, 2024—one copy is to be sent to the IRS and the other to the employee.

Required Forms:

Form W-2, Wage, and Tax Statement

February 28, 2024

Deadline for Paper Filing of Form 1099-MISC

For certain miscellaneous payments such as attorney fees or rent, a 1099-MISC form is necessary—where Copy A needs to be sent to the IRS and Copy B to the recipient. The deadline of February 28, 2024, is applicable only if you are submitting the 1099-MISC forms in paper format. 

In the case of electronic filing, the due date is extended to March 31, 2024.

Required Forms:

Form 1099-MISC, Miscellaneous Income

March 31, 2024

Deadline for Electronic Filing of Form 1099-MISC

For specific non-wage payments made to certain recipients throughout the year, such as rent and attorney fees, filing a 1099-MISC form is necessary. You need to send Copy A to the IRS and Copy B to the recipient. It's important to note that the March 31, 2024 deadline is only relevant if you are filing the 1099-MISC forms electronically. 

For paper filings, the deadline is earlier, on February 28, 2024.

Required Forms:

Form 1099-MISC, Miscellaneous Income

June 17, 2024

Deadline for April-May Quarterly Payment

Today marks the due date for the estimated quarterly tax payment covering the period from April 1 to May 31, 2024.

Required Forms:

Form 1120-W, Estimated Tax for Corporations

September 16, 2024

Deadline for June-August Quarterly Payment

The due date for the estimated quarterly tax payment for the period from June 1 to August 31, 2024, is today.

Required Forms:

Form 1120-W, Estimated Tax for Corporations

October 15, 2024

Deadline for Extended C Corporation Tax Return

For C corporations that have filed for an extension, the deadline for submitting your income tax return is today.

Required Forms:

Form 1120, U.S. Corporation Tax Return

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How to file (State & Federal) taxes as a C corp?

To file their income taxes, C corporations and LLCs choosing to be taxed as C corporations must use Form 1120, the U.S. Corporation Income Tax Return.

Whether you are preparing Form 1120 yourself or engaging a tax professional, ensure you have the following information ready to accurately complete and file the form:

• Your Employer Identification Number (EIN)
• The date of incorporation
• Total assets of your corporation
• Total income
• Gross receipts
• Cost of Goods Sold (COGS)
• Dividends received
• Interest income
• Royalties received
• Capital gains
• Tax deductions (which can vary by company and include a wide range of business deductions)
• Business tax credits you intend to claim

Form 1120 can be filed either electronically using the IRS e-file service or via mail. After completing Form 1120, you will know the amount of tax your corporation owes. If this exceeds $500 for the year, the corporation is required to make these tax payments in quarterly instalments.

Are you still confused? Let Inkle handle your C-Corp taxes.

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What if my company uses a different tax calendar?

If your company operates on a fiscal year rather than the calendar year, your corporate tax return (Form 1120) is due on the 15th day of the fourth month following the end of your fiscal year. For instance, if your fiscal year concludes on February 1, your Form 1120 should be filed by May 15.

There is an exception: for corporations with a fiscal year ending on June 30, the deadline shifts to the 15th day of the 3rd month after the fiscal year's end, meaning a September 15 deadline.

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What if I select to be taxed as an S corp instead?

If you transition from being a C corp or an LLC taxed as a C corp to an S corp or partnership, most deadlines remain the same except the C corporation tax return deadline of April 15.

For S corporations and partnerships, the tax return (Form 1120-S for S corporations and Form 1065 for partnerships) is due on March 15.

It's important to note that S corporations and partnerships themselves don't pay income taxes. Instead, taxes are paid on the individual incomes of the shareholders or partners.

March 15 is also the deadline to request an extension for S corp/ partnership tax returns.

Relevant Forms:

• Form 1120S, Income Tax Return for an S Corp
• Form 1065, U.S. Return of Partnership Income

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Filing for Tax Extensions

C corporations, S corporations, LLCs, and partnerships all utilize Form 7004 to request an extension on their tax filings, except for sole proprietors who should use Form 4868.

The deadline for submitting Form 7004 aligns with the due date of your 1120-S. For instance, if you operate as a calendar year S corporation, your Form 7004 should be filed by March 15, 2024.

Form 7004 provides a six-month extension, allowing you until September 15, 2024, to file Form 1120-S. However, it's crucial to understand that this extension applies only to filing and not to any tax payments due.

If you anticipate owing taxes, it's essential to pay them by the original deadline. For assistance in estimating your tax liability, you might find our tax liability estimation guide helpful.

For convenience and efficiency, consider filing Form 7004 electronically using the IRS e-file service, or let us do it for you.

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TL;DR

Here's a quick rundown of the key tax dates for C Corporations in 2023:

• Corporate Tax Returns: If you're using the standard calendar year, circle April 15, 2024, on your calendar. But, if your business follows a unique fiscal year, then your deadline is the 15th day of the 4th month after the end of your fiscal year.
• W-2 and 1099-NEC Forms: Remember these need to be in by January 31.
• Filing Form 1099-MISC: If you're sending it by paper, do so by February 28, but if you're filing electronically, you have until March 31.
• Quarterly Tax Payments: Keep an eye on these dates – January 16, April 15, June 17, and September 16, 2024 – they're essential for staying on track with your quarterly obligations.

I hope this helps keep your tax schedule on track.

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