January 2024 Compliance Calendar's Important Dates

As the new year unfolds, businesses must prepare for growth and success and ensure they meet their legal obligations. This article outlines key deadlines and compliance reminders for businesses in 2024, helping you stay on top of your tax and regulatory responsibilities.

Key Deadlines for 2024:

1. File and Furnish Forms W-2 by January 31, 2024:

January 31, 2024, marks the deadline for filing Forms W-2 with the Social Security Administration. If needed, you can request a 30-day filing extension using Form 8809. However, such extensions are granted only in limited cases for extraordinary circumstances or catastrophes. Remember, Forms W-2 must also be furnished to employees on or before January 31, 2024.

2. File and Furnish Forms 1099-NEC for Nonemployee Compensation by January 31, 2024:

If your company made payments totaling $600 or more for services performed by nonemployees, like independent contractors, in 2023, you must file Forms 1099-NEC with the IRS by January 31, 2024. Similarly, a 30-day filing extension can be requested using Form 8809, but it's granted sparingly. Companies must also furnish statements to the non-employees on or before January 31, 2024.

3. File Form 941 for Employer’s Quarterly Federal Tax Return by January 31, 2024:

By January 31, 2024, you must file Form 941 with the IRS to report the federal income tax, social security tax, and Medicare tax withheld from your employees' pay during the fourth quarter of 2023 (October, November, and December). If your company promptly deposited all taxes when due, the filing deadline extended to February 10, 2024. However, because February 10, 2024, falls on a Saturday, the extended deadline is February 12, 2024, the next business day.

4. File Form 940 for Employer’s Annual Federal Unemployment (FUTA) Tax Return by January 31, 2024:

To report taxable FUTA wages paid in 2023, you must file Form 940 with the IRS by January 31, 2024. If your company diligently deposited all FUTA taxes on time, the filing deadline is extended to February 10, 2024. Keep in mind that February 10, 2024, is a Saturday, so the extended deadline is February 12, 2024, the subsequent business day.

Compliance Reminders for 2024:

As your business enters 2024, it's crucial to ensure compliance with federal, state, and local employment laws. Here are some important steps to consider:

• Verify that your workplace posters are up to date.
• Confirm minimum wage and overtime requirements, and update wage base limits for withholding.
• Review procedures for completing Form I-9 (Employment Eligibility Verification).
• Ensure your employee leave policies align with federal, state, and local requirements.
• Stay informed about new fair employment law protections and incorporate changes into employee training.
• Update your employee handbook and employment policies as needed.
• Create a schedule for any required workplace training, such as sexual harassment training.
• Review recruitment and compensation practices to comply with applicable pay transparency laws.

Conclusion

Compliance with tax deadlines and employment laws is crucial for any business's success and reputation. By keeping track of these key deadlines and compliance reminders, you can start 2024 on the right foot, minimize potential penalties, and foster a positive work environment for your employees.

Our Specialists want to make sure you know what's going on in the Payroll and HR world so make sure to stay tuned every month for a compliance check! If you have more questions or want to schedule a free consultation with us, contact our office at 909.466.7876 today!

Also, do you know these 10 Essential Payroll Interview Questions When Hiring? Or, do you know how compensable time works? Read this other article to guide you in Understanding Compensable Time.