As an employer, staying on top of important tax deadlines is crucial to ensure compliance and avoid penalties. Here are three key deadlines to mark on your calendar for July 2024.
By July 31, 2024, you need to file Form 941 with the IRS. This form reports the federal income tax, Social Security tax, and Medicare tax withheld from your employees' pay during the second quarter of 2024 (April, May, and June). If your company has deposited all taxes on time throughout the quarter, the filing deadline is extended to August 10, 2024. However, since August 10 is a Saturday, the extended deadline moves to the next business day, August 12, 2024.
For employers with self-insured health plans, July 31, 2024, is the deadline to report and pay fees to fund the Patient-Centered Outcomes Research Institute (PCORI). Use IRS Form 720 to fulfill this requirement. PCORI fees for plan years ending in 2023 are due by this date.
If you manage ERISA-covered employee benefit plans that operate on a calendar year, you must file Form 5500 with the Department of Labor by July 31, 2024. This applies unless a reporting exemption is relevant to your plan. The deadline is the last day of the seventh month following the end of the plan year. An automatic 2.5-month extension can be requested by submitting IRS Form 5558 by the due date. Small welfare benefit plans with fewer than 100 participants that are fully insured, unfunded, or a combination of insured/unfunded are typically exempt from filing Form 5500.
Adhering to these deadlines is vital for maintaining compliance and avoiding unnecessary fines. Make sure your company is prepared to meet these important dates in July 2024 to ensure smooth and efficient tax reporting and payment processes.
Contact a TPG Payroll & HR Specialist at 909.466.7876 for more information on compliance and your payroll department!
Also, learn How to Stay Compliant When Hiring and Onboarding New Employees and find out the Advantages of Administrative Service Organizations by reading these and more practical articles on our blogs/resources page!