Get ahead of your compliance deadlines this month so you can focus on the end-of-year sales push and budget reviews (and enjoy some well-earned time off!). Here are the dates for taxes, payroll, benefits, and HR compliance in December.
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Federal holidays
December 25, 2024
Christmas Day
Whether you’re closing up shop for the day or keeping your doors open, make sure you have a plan in place for the holiday.
December 31, 2024
New Year’s Eve
Consider how New Year’s Eve (NYE) celebrations will impact your business operations this week, and get organized.
Tax and payroll compliance deadlines
Payroll tax deposits (for semi-weekly depositors)
Employers who file Forms 940 and 941 have to deposit payroll taxes at different frequencies throughout the year.
If you report more than $50,000 in payroll taxes during the lookback period of July 1, 2022, to June 30, 2023, you fall into the category of semi-weekly depositor, which means you need to adhere to the payment schedule below:
| If payday for your employees is on… | Deposit employment taxes by… |
| Wednesday | The following Wednesday |
| Thursday | The following Wednesday |
| Friday | The following Wednesday |
| Saturday | The following Friday |
| Sunday | The following Friday |
| Monday | The following Friday |
| Tuesday | The following Friday |
However, if you accumulate $100,000 or more of tax liability in a single day, the IRS says you must deposit the amount by the following business day, regardless of whether you normally deposit on a semi-weekly or monthly basis (more on monthly deposits below).
To learn more about federal payroll tax deposits, read Publication 15.
Keep in mind that some state and local governments that collect payroll taxes will also expect their own deposits and those deadlines may be different from the federal ones. For more information, contact your state and local tax agencies directly.
December 2, 2024
Plan for end-of-the-year tax prep
With the end of 2024 only a month away, it’s prime time to start preparing for tax season in 2025. Consider meeting up with your business accountant to make a plan.
You may need to purchase business equipment or supplies, organize your business expenses and deductions, or gather your documentation for charitable donations.
Form 730 filing deadline for October wagers
If you accepted wagers during October and meet the below criteria, you have to file Form 730 by December 2 and pay any taxes due (since the last day of the month in November fell on a weekend). The criteria apply if you:
- are in the business of accepting wagers
- conduct a wagering pool or lottery
- are required to be registered and received wagers for or on behalf of another person but did not report that person’s name and address
Form 2290 filing deadline for vehicles first used in October
If you first used your registered heavy highway motor vehicle in October, you have to file Form 2290 by December 2 (because November 30 fell on a weekend) and pay any corresponding tax.
December 10, 2024
Employee tip reporting deadline for November
If your employees earned more than $20 in tips during the month of November, they need to report those tips to you by December 10. You can learn more about tip withholding and reporting requirements here.
December 16, 2024
Payroll tax deposits for monthly depositors
If your company follows the monthly payroll tax deposit schedule (meaning that you reported less than $50,000 in payroll taxes during the lookback period), then your tax deposit for November payrolls is due on December 16.
Form 8813 quarterly payment voucher due for partnerships
If you’re a partnership, you need to file Form 8813 (your quarterly payment voucher) by December 16 and pay any tax due. You can file the form at this address:
Internal Revenue Service Center
P.O. Box 409101
Ogden, UT 84409
For more information on Form 8813, see the IRS instructions here.
Estimated tax payment due for Q4 for tax-exempt organizations
If you own a tax-exempt organization (like a nonprofit) and expect your tax for the year to be more than $500, you need to pay any estimated tax for Q4 on unrelated business income by December 16. You can use Form 990-W to calculate the amount of estimated tax required.
Estimated tax payment for Q4 due for corporations
If your corporation operates on a calendar year, your fourth estimated tax payment of the year is due December 16.
You can pay online, over the phone, or via mail. For more information on estimated taxes, review Publication 505 or check out worksheet 1120-W.
December 31, 2024
End of Q4
Today is the last day of Q4 for businesses that run on a calendar year.
Form 730 filing deadline for November wagers
If you accepted wagers during November and meet the below criteria, you have to file Form 730 by December 31 and pay any taxes due. The criteria apply if you:
- are in the business of accepting wagers
- conduct a wagering pool or lottery
- are required to be registered and received wagers for or on behalf of another person, but did not report that person’s name and address
Form 2290 filing deadline for vehicles first used in November
If November was the first time you used your registered heavy highway motor vehicle, you have to file Form 2290 by December 31 and pay any corresponding tax.
HR compliance deadlines
December 1, 2024
Deadline for sending annual notices to plan participants
If you offer retirement benefits to your employees, you’re required by law to distribute certain notices to plan participants every year—no later than December 1. These notices can include:
- 401(k) safe harbor annual notice
- Automatic Contribution Arrangement (ACA) Safe Harbor notice
- Automatic enrollment notice
- Participant fee disclosure
- Qualified default investment alternative (QDIA) notice
If you have to send out multiple notices to participants, you can combine them into one detailed notice. Keep in mind that December 1 is a Sunday this year, so aim to distribute your notices by the end of November if you can.
December 2, 2024
Review employee handbooks and policies
December is a great time to review your employee handbooks and policies for efficacy, equity, and consistency. Use this month to make any important changes before 2025.
December 16, 2024
Extended deadline for distributing Summary Annual Report to plan participants
A Summary Annual Report (SAR) explains your company’s retirement plan and other plan details reported in your Form 5500. If you received an extension for distributing SARs to your employees, whether by filing Form 5558 or Form 7704, your new deadline for sending SARs to plan participants is December 16.
December 31, 2024
Last day to conduct nondiscrimination testing for benefit plans
If you offer 401(k) plans, 125 Premium Only Plans (POPs), and flexible spending accounts (FSAs), you’re required to conduct nondiscrimination testing by December 29. This helps ensure that you’re able to offer benefits on the same terms to all eligible employees at your business.
Deadline for correcting a failed ADP/ACP test and adopting discretionary amendments
If you need to correct your retirement plan as a result of any Actual Deferral Percentage (ADP) or Actual Contribution Percentage (ACP) testing failures, December 31 is the last day to do so if you want to keep your qualified status. These changes include:
- Correcting a failed ADP/ACP test
- Processing corrective distributions for failed ADP/ACP testing (note that a 10% excise tax may apply)
- Amending plan documents for any discretionary changes implemented during the 2024 plan year
Deadline to change safe harbor status for retirement plans
Any safe harbor status changes that you want to make to your retirement plans must be made by December 31. This includes:
- Changing a traditional 401(k) plan to a safe harbor plan for the prior calendar year (if your company agrees to at least a 4% nonelective contribution)
- Removing a plan’s safe harbor status for the 2025 plan year
Deadline for Required Minimum Distributions due under IRC Section 401(a)(9)
Plan participants who were age 72 and older prior to January 1, 2023 must receive their Required Minimum Distributions (RMDs)—the minimum amount an eligible account holder must withdraw each year—by December 31.
