Small Business Taxes & Management
To Do List -- Federal
March 1, 2024
- Last day for farmers and fishermen who did not pay estimated tax on January 15 to file Form 1040 and pay tax to avoid underpayment penalty.
March 10, 2024
- Form 4070, employees who received $20 or more in tip income in February.
March 15, 2024
- Employment tax deposits due for monthly depositors.
- S Corporation income tax return (Form 1120S) due (calendar-year corporations).
- Form 1065, Partnership (calendar year) returns due (including LLC if taxed as partnership)
- S Corporations, partnerships file automatic 6-month extension Form 7004 (calendar-year corporations).
- C Corporations (calendar year) last day to file Form 2553 to elect S corporation status for years beginning in 2023.
- Form 8804, Annual Return for Partnership Withholding Tax under Sec. 1446 (Form 7004 for extension request)
- Form 1042-S Foreign Person's U.S. Source Income Subject to Withholding Return
- Form 1042 Annual Withholding Tax Return U.S. Source Income of foreign persons
- Form 5471 Information Return of U.S. Persons with Respect to Certain Foreign Corporations
- Withheld taxes Form 1042-S and 1042 due.
Various
Form 8300 (statement to payer of cash of more than $10,000) must be filed with the IRS by the 15th day following the transaction.
Semi-Weekly Employment Tax Deposit Schedule for
March:
| Payroll Date |
Deposit Date |
| Feb 24-27 | Mar 1 |
| Feb 28-Mar 1 | Mar 6 |
| Mar 2-5 | Mar 8 |
| Mar 6-8 | Mar 13 |
| Mar 9-12 | Mar 15 |
| Mar 13-15 | Mar 20 |
| Mar 16-19 | Mar 22 |
| JMar 20-22 | Mar 27 |
| Mar 23-26 | Mar 29 |
| Mar 27-29 | Apr 3 |
| Mar 30-31 | Apr 5 |
Special Rule: Employers must deposit taxes on next banking day after date employment tax liability exceeds $100,000.
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