Tax Calendar
June
June 10
- Form 4070 (May 2024)
June 17
- EFTPS payment (May 2024)
- Form 1040-ES (2024 #2)
- Form 1040/1040-SR
- Form 1120-W (2024 #2)
- Form 4868
July
July 1
- Form 730 (May 2024)
- Form 2290 (May 2024)
- Form 11-C, Occupational Tax and Registration Return for Wagering
July 10
- Form 4070 (Jun. 2024)
July 15
- EFTPS payment (Jun. 2024)
July 31
- Form 6627 (2024 Q2)
- Form 720 (2024 Q2)
- Form 730 (Jun. 2024)
- Form 2290 (Jun. 2024)
- Form 5500, Annual Return/Report of Employee Benefit Plan (e-File)
- Form 5500-EZ, Annual Return of a One-Participant Retirement Plan or a Foreign Plan (e-File)
August
August 12
- Form 941 (2024 Q2)
- Form 4070 (Jul. 2024)
August 15
- EFTPS payment (Jul. 2024)
September
September 3
- Form 730 (Jul. 2024)
- Form 2290 (Jul. 2024)
September 10
- Form 4070 (Aug. 2024)
September 16
- EFTPS payment (Aug. 2024)
- Form 1040-ES (2024 #3)
- Form 1065
- Form 1120 (Jun. FY)
- Form 1120-S
- Form 1120-W (2024 #3)
- Schedule K-1 (to recipients)
- Schedule K-2 (to recipients)
- Schedule K-3 (to recipients)
September 30
- Form 730 (Aug. 2024)
- Form 2290 (Aug. 2024)
October
October 10
- Form 4070 (Sept. 2024)
October 15
- EFTPS payment (Sept. 2024)
- FinCEN Form 114 (FBAR e-File)
- Forms 1040/1040-SR
- Form 1120
October 31
- Form 720 (2024 Q3)
- Form 730 (Sept. 2024)
- Form 941 (2024 Q3)
- Form 2290 (Sept. 2024)
- Form 6627 (2024 Q3)
November
November 12
- Form 941 (2024 Q3)
- Form 4070 (Oct. 2024)
November 15
- EFTPS payment (Oct. 2024)
- Form 990
December
December 2
- Form 730 (Oct. 2023)
- Form 2290 (Oct. 2023)
December 10
- Form 4070 (Nov. 2024)
December 16
- EFTPS payment (Nov. 2024)
- Form 1120-W (2024 #4)
December 31
- Form 730 (Nov. 2024)
- Form 2290 (Nov. 2024)
The only acceptable reason for delaying payroll tax deposits is a legal federal holiday.
Deposits of $100,000 or more must be made within one business day of the day that the tax liability is incurred.
EFTPS users: Payments must be scheduled by 8 PM ET at least one calendar day before the tax due date.
This is general information for taxpayers and should not be relied upon as the only source of authority. Taxpayers should seek professional tax advice for more information.
Tax information to keep you updated.
HELPFUL INFORMATION
General Information
Alert on social media tax advice.The IRS warns that there is a lot of “wildly inaccurate” tax advice designed to generate attention on various social media platforms. Most egregious: posts that encourage taxpayers to submit false or inaccurate information to receive or increase refunds.
Almost as bad: advising taxpayers to misuse common tax documents. For example, one disastrous but widespread strategy urges taxpayers to complete and file W-2s for themselves with made-up income and tax withholding—then file tax returns claiming refunds based on FITW listed on the false W-2s.
Extra warning: Some schemes promoted on social media use valid IRS forms in improper and fraudulent ways. The IRS and its tax profession partners actively watch for these schemes. [IR-2024-98]
Bad legal advice does not avoid penalties.
The case: The taxpayer received wire transfers from his business associate and claimed his attorney had advised him that the transfers were neither taxable nor reportable—so they were not included on the income tax return. The IRS assessed taxes on the transfers and penalties for failure to report them. The taxpayer eventually conceded the taxes and appealed the penalties.
Held: For the IRS. The taxpayer claimed “reasonable cause” for not reporting the transfers as income, based on the taxpayer’s good faith reliance on advice from a legal professional.
But for reliance on professional advice to be a “reasonable cause,” in addition to the taxpayer also having had to rely on the advice in good faith, the adviser must be a competent professional with sufficient expertise to justify the reliance—and the professional must have been provided the necessary and accurate information from the taxpayer.
The court said the taxpayer presented no evidence that the attorney was provided the necessary and accurate information.
And, the court said, if the attorney was fully informed of the transactions in detail and deemed them nontaxable, it would have been “remarkably bad advice.” Regardless, the taxpayer should have known the advice was suspect and that it was not reasonable to rely on it.
The court also said that there was no evidence the taxpayer informed either business associates or the tax preparer of the advice, indicating that he did not rely on the advice when he chose not to report the transactions. [Kroner v. Commissioner, T.C. Memo 2024-41]
Standard mileage rates
2023 2024
Business* 65.5 cents/mi. 67 cents/mi.
Relocation** 22 cents/mi. 21 cents/mi.
Medical 22 cents/mi. 21 cents/mi.
Charitable rate 14 cents/mi. 14 cents/mi.
* For owned/leased passenger autos, vans, pickups or panel trucks and up to 4 taxis used for hire on which no §179 or depreciation was taken.
** Starting in 2018, all relocation payments are taxable to the employee and tax deductible for the employer.
Disclaimer - General Information provided with permission from the American Institute of Professional Bookkeepers (AIPB).
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