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Peacock & French CPAs
Jan 01, 2025

As we start into another tax season, most people set their eyes on those final filing deadlines. Keep reading to learn the key tax deadlines that your business needs to meet before that final tax day.

As we start into another tax season, most people set their eyes on those final filing deadlines of March 15^th and April 15^th (depending on your business’s structure). However, there are numerous deadlines that fall between now and that filing deadline for your business, and it’s important that you meet all of them to avoid fines and other penalties. Keep reading to learn the key tax deadlines that your business needs to meet in the coming months.

Understanding Tax Form Distribution Requirements

Businesses are obligated to provide various tax forms to employees, contractors, and other relevant parties. These forms, such as W-2s and 1099s, provide necessary information for accurate tax reporting. Timely distribution is not only a legal requirement but also facilitates the smooth preparation of tax returns for all parties involved. Here are the key forms you’ll need to plan on distributing in the coming months:

• W-2 Forms: Issued to employees, detailing wages, tips, and other compensation.
• 1099 Forms: Provided to independent contractors and other non-employee service providers.
• 1095 Forms: Related to health insurance coverage, issued under the Affordable Care Act.
• K-1 Forms: Distributed to partners in a partnership or shareholders in an S corporation.

Each form has specific deadlines that must be met to ensure compliance and to enable recipients to fulfill their tax obligations accurately.

January 31: The Initial Deadline

The primary deadline for distributing most tax forms is January 31^st. This applies to:

• W-2 Forms: Employers must provide these to employees by this date.
• 1099-NEC Forms: Non-employee compensation must be sent to contractors by January 31.
• 1099-MISC Forms: For other miscellaneous income, the same deadline applies.
• 1095-B and 1095-C Forms: These must also be distributed by January 31 to ensure compliance with the Affordable Care Act.

Meeting this deadline is crucial, as it gives recipients ample time to prepare their individual tax returns, reducing the likelihood of errors and subsequent amendments.

February 28: Paper Filing Deadline

For entities filing tax forms on paper, the deadline is extended to February 28. This applies to:

• W-2 Forms: If submitted by paper to the Social Security Administration (SSA), the extended deadline applies.
• 1099 Forms: Paper submissions to the IRS follow the same extended deadline.

Businesses opting for electronic filing are encouraged to adhere to the January 31 deadline to streamline processing and minimize delays.

March 17: The First Filing Deadline

The first filing deadline of the tax season falls on March 17^th this year. (Typically, this deadline would be on March 15^th, but as that date falls on a Saturday this year, the deadline is pushed to the following Monday.) This deadline apples to partnerships, LLCs that are taxed as a partnership, and S corporations. If your business falls under any of these categories, your business’s tax return must be filed on or before March 17, 2025.

March 31: Electronic Filing Deadline for 1099 Forms

While the primary deadline for W-2 forms remains January 31, businesses that file 1099 forms electronically have until March 31 to submit these forms to the IRS. This extension accommodates businesses that may require additional time for electronic data compilation and transmission.

April 15: The Second Filing Deadline

April 15^th is the primary tax deadline for most taxpayers. This is not only the deadline for filing individual tax returns, but is also the deadline for businesses that are registered as C corporations and sole proprietorships. If your company’s structure falls under these categories, your business tax return is due on the same day as your personal return (and, in the case of sole proprietorships, will be filed alongside your individual tax return using Schedule C, Form 1040).

Consequences of Missed Deadlines

The IRS imposes penalties for late filing and late distribution of tax forms. These penalties can escalate based on the duration of the delay and the number of forms filed late. Additionally, interest may accrue on any unpaid taxes resulting from late submissions.

Consistent failure to meet tax form deadlines can tarnish a business’s reputation, affecting relationships with employees, contractors, and stakeholders. Maintaining punctuality in tax form distribution reinforces the business’s commitment to regulatory compliance and professional integrity.

Delayed submissions can lead to increased administrative burdens as businesses scramble to meet extended deadlines. This often results in overtime costs and diverts resources from other critical financial operations.

Leveraging Professional Expertise

Working with experienced CPAs can significantly enhance a business’s ability to manage tax form distribution effectively. We bring with us specialized knowledge of tax regulations, ensuring that all forms are accurately prepared and distributed in a timely manner.

Navigating the intricate web of tax form distribution deadlines is a critical responsibility for businesses. If you’re looking to ease the burden of meeting these deadlines in the coming months, contact Peacock & French CPAs today, and schedule a consultation with one of our experienced tax professionals.