As September approaches, various tax filing and payment deadlines are looming for businesses, partnerships, and fiduciaries. Ensuring timely compliance is crucial to avoid penalties and interest. Below is a detailed overview of the key tax deadlines for September 2023, which should be on your radar if you’re managing an S Corporation, Corporation, Partnership, or acting as a Fiduciary of an estate or trust.
September 16: Important Deadlines for S Corporations, Corporations, and Partnerships
1. S Corporations (Form 1120-S)
If you filed for an automatic 6-month extension earlier this year, the deadline to file your 2023 calendar year income tax return is September 16. Along with the return, ensure that each shareholder receives a copy of their Schedule K-1 (Form 1120-S) or a substitute Schedule K-1. Additionally, if your S Corporation had any international transactions, you may need to provide Schedule K-3 (Form 1120-S) or a substitute.
2. Corporations
Corporations should be aware that September 16 marks the deadline to deposit the third installment of estimated income tax for the 2023 calendar year. Timely deposits are essential to avoid penalties and interest charges.
3. Social Security, Medicare, and Withheld Income Tax
For employers who follow the monthly deposit rule, September 16 is also the deadline to deposit taxes for payments made in August. This includes Social Security, Medicare, and withheld income taxes.
4. Nonpayroll Withholding
Similarly, businesses that handle nonpayroll withholding should note that September 16 is the deadline to deposit taxes for any payments made in August, if the monthly deposit rule applies to them.
5. Partnerships (Form 1065)
Partnerships that were granted a 5-month extension have until September 16 to file their 2023 calendar year return. It’s crucial to provide each partner with a copy of their K-1 (Form 1065) or a substitute Schedule K-1 to ensure accurate reporting of their share of the partnership’s income, deductions, and credits.
September 30: Fiduciaries of Estates and Trusts (Form 1041)
Fiduciaries managing estates and trusts that were granted a 5 1/2-month extension must file the 2023 calendar year return (Form 1041) by September 30. Additionally, it is essential to provide each beneficiary with a copy of their K-1 (Form 1041) or a substitute Schedule K-1, reflecting their share of the estate or trust’s income, deductions, and credits.
Special Considerations
Weekends & Holidays If any of these deadlines fall on a Saturday, Sunday, or legal holiday, the due date is automatically extended to the next business day that is not a holiday. This extension ensures you have adequate time to comply with tax obligations even when regular deadlines coincide with non-business days.
Disaster Area Extensions
In cases where a geographical area is designated as a disaster area, tax filing and payment deadlines may be extended. It’s vital to stay informed about such extensions if your business is located in an affected area. The IRS and FEMA provide updated information on disaster declarations and related tax relief.
Staying on top of these deadlines is essential to keep your business operations smooth and avoid unnecessary penalties. Mark your calendars, prepare the necessary documents, and consult with your tax advisor to ensure you meet all the requirements on time.
By proactively managing these deadlines, you can maintain compliance and focus on your business’s growth and success.
