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As 2024 begins, employers should review their compliance with federal, state and local employment laws. Use our compliance tracker to stay up-to-date with important deadlines in January and stay in compliance!

A.) File and Furnish Forms W-2 — January 31, 2024

Employers must file Forms W-2 with the Social Security Administration (SSA) and must also furnish copies B, C, and 2 of Form W-2 to their employers by January 31, 2024. 30-day filing extensions will only be granted in limited cases for extraordinary circumstances or catastrophes by using Form 8809.

Employers who filed 250+ Forms W-2 for the prior year must include the aggregate cost of employer-sponsored health plan coverage on employees’ Forms W-2. The cost of health care benefits should be reported in box 12 of From W-2 with Code DD to identify the amount. (Optional for employers who had to file fewer than 250 Forms W-2 for 2022.)

B.) File and Furnish Forms 1099-NEC, Non-employee Compensation — January 31, 2024

If companies made payments totaling $600+ for services by non-employees in 2023, they must file Forms 1099-NEC with the IRS by January 31, 2024. Companies must also furnish a copy of Form 1099-NIEC to non employees by the same date. 30-day filing extensions have the same requirements as listed above in section A.

The IRS has an online portal known as the Information Returns Intake System (IRIS) that businesses can use to electronically file Form 1099 series information returns.

C.) File Form 941, Employer’s Quarterly Federal Tax Return — January 31, 2024

Employers must file Form 941 with the IRS by January 31, 2024, to report the federal income tax, Social Security tax, and Medicare tax withheld from employees’ pay during the fourth quarter of 2023. If an employer timely deposited all taxes when they were due, the filing deadline is extended to February 12, 2024.

D.) File Form 940, Employer’s Annal Federal Unemployment (FUTA) Tax Return — January 31, 2024

Employers must file Form 940 with the IRS by January 31, 2024, to report taxable FUTA wages paid in 2023. A deadline extension may apply. If an employer deposited all its FUTA tax when it was due, the filing deadline is extended to February 12, 2024.

    More Information

    For more information on compliance laws and deadlines in California, contact DMJ Insurance Services, Inc.