Tax season can be a challenging period for many businesses, but with proper preparation and knowledge of key dates, this process can be handled efficiently. Below, we detail the critical IRS deadlines for 2024 and provide tips for a hassle-free filing season.

Important Dates for Forms 1099

Form 1099-NEC

• Deadline: January 31.
• Purpose: Report payments of $600 or more to non-employees.

Form 1099-MISC

• Paper Presentations: March 1.
• Electronic Presentations: March 31.
• Coverage: Payments such as rent and medical services of $600 or more.

Important Note: Failure to comply with these dates can result in fines of $60 to $310
per form, increasing significantly if there is an intentional omission.

Deadlines for Forms W-2

• Presentation and Distribution: January 31.
• Consideration: If this date falls on a weekend or holiday, it is adjusted to the next business day.

Start of the 2024 Tax Season

• Start Date: January 29.
• Preparation: Software companies are now prepared to receive statements.

Deadline dates for each business:

• SM LLC: April 15.
• MM LLC: March 15 and April 15.
• C Corporation: April 15.
• Corporation S: March 15th.

Tax Filing Extensions

• Extension: Requesting an extension for filing does not imply an extension for payment. It is crucial to estimate and pay taxes before the regular due date to avoid penalties and interest.

Support and Assistance

• Professional Support: We are available to help you with any questions or assistance you need in your tax preparation and filing.

Executive Summary

1. Meet 1099-NEC and 1099-MISC Deadlines : Avoid penalties by correctly and
   timely reporting payments to non-employees and other specific expenses.
2. Strict Adherence to W-2 Dates: Ensure submission and distribution to
   employees by January 31.
3. Early Preparation for Tax Season: Start preparing and submitting returns
   starting January 29.
4. Understand the Extension Conditions: Remember that extensions to file do
   not affect tax payment dates.
5. Seek Professional Support: Take advantage of expert assistance for efficient
   and accurate tax management.

Tax season doesn’t have to be a stressful time if you are properly prepared and have the right support. At Regio Management, we are committed to offering you the guidance and assistance necessary to navigate this season successfully. For more information or specific advice, do not hesitate to contact us