February 2024: The Small Business Owner’s HR, Benefits, Payroll, and Tax Compliance Deadlines

Paige Smith

Congratulations on making it through the first month of the year and a notoriously busy time for compliance due dates! Fortunately, February is a bit more low-key. Here are the dates you need to know for taxes, payroll, and HR compliance this month. 

Federal holidays

February 19, 2024

President’s Day

It’s President’s Day, which means banks and schools are closed. Some businesses might be taking the day off too, so plan accordingly. 

Tax and payroll compliance deadlines

Payroll tax deposits (for semi-weekly depositors)

The Internal Revenue Service (IRS) requires employers who file Forms 940 and 941 to deposit payroll taxes at different frequencies throughout the year, depending on factors like the information returns they use and their past filing history.

Semi-weekly depositors—those who report more than $50,000 in payroll taxes during the lookback period of July 1, 2022, to June 30, 2023—must follow the schedule below:

If payday for your employees is on…Deposit employment taxes by…
WednesdayThe following Wednesday
ThursdayThe following Wednesday
FridayThe following Wednesday
SaturdayThe following Friday
SundayThe following Friday
MondayThe following Friday
TuesdayThe following Friday

There’s one exception: 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 (we’ll cover 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. 

February 12, 2024

Employee tip reporting deadline for January 

Your employees are required to report any tips of $20 or more that they earned during the month of January. You can learn more about tip withholding and reporting requirements here

Form 941 extended filing deadline for people who made timely deposits 

If you have at least one employee, you have to file Form 941 to report any income taxes, Social Security taxes, or Medicare taxes withheld from your staff’s paychecks—and pay their share of payroll taxes every quarter. 

The first Form 941 for 2024 and the accompanying payroll tax payment were due on January 31. However, if you made the full deposit for the quarter on time, you automatically get additional time (10 days) to file the form. Because February 10 falls on a Saturday, that means Form 941 is due February 12 if you made the full quarterly deposit on time. You can e-file through the EFTPS.

This also applies to Forms 940, 943, 944, and 945 for timely depositors. 

February 15, 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 January payrolls is due on February 15. 

Forms 1099-B, 1099-S, and 1099-MISC filing deadlines

If you have to file Forms 1099-B, 1099-S, or 1099-MISC (with amounts reported in box 8 or 10), your filing due date for these forms is February 15. 

Keep in mind that if your 1099-MISC forms have boxes eight and 10 left empty, your due date is February 29 instead (more on this later). 

If your employee(s) claimed an exemption from income tax withholding in Tax Year 2023, they must provide you with a new Form W-4 by February 15. If they don’t furnish you a new Form W-4 by this date re-confirming their exempt status for 2024, you must start to withhold as if they are single with no other adjustments starting February 16. 

Form 990 filing deadline

Tax-exempt organizations like non-profits file Form 990 with the IRS to provide certain details about their organizations and remain compliant with IRS section 6033. 

If your company’s fiscal year ended on September 30, 2023, your filing deadline for Form 990 is February 15. Visit the IRS Form 990 resource page to learn more.

State 1099 and W-2 filing deadlines

Certain states have different schedules than the IRS. New Jersey and Iowa, for example, require you to file 1099 and W-2 forms by February 15 instead of January 31.

If you’re not sure about your state filing deadlines (or if you need to turn in any forms at all), check with your state tax agency for more details. 

Form 8038 filing deadline for tax-exempt private activity bonds

If your business issues tax-exempt private activity bonds, you have to file Form 8038 for bonds issued in the fourth quarter of 2023 (October, November, and December) by February 15. Per the IRS, you have to file Form 8038 by the 15th day of the second calendar month after the close of the calendar quarter in which the bond was issued. Forms 8038-B, 8038-G, and 8038-TC are also due at this time. 

Make sure you file a separate form for each issue of the following tax-exempt private activity bonds issued after 1986:

  • Exempt facility bonds
  • Qualified mortgage bonds
  • Qualified veterans’ mortgage bonds
  • Qualified small issue bonds
  • Qualified student loan bonds
  • Qualified redevelopment bonds
  • Qualified hospital bonds
  • Qualified 501(c)(3) bonds
  • Nongovernmental output property bonds
  • All other tax-exempt private activity bonds

Send your forms to the following address:

Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201

February 28, 2024

Form 2290 filing deadline

If you’ve registered a heavy highway motor vehicle (with a taxable gross weight of 55,000 pounds or more) that was first used in January 2024, you have to file Form 2290 by February 28. 

Per the IRS, you must file the form by the last day of the month following the month in which you first used the vehicle on a public highway.

To learn more about Form 2290, review the IRS’ instructions and information

Form 1099-MISC filing deadline

Employers submit Form 1099-MISC with the IRS by the end of February to report certain kinds of reportable payments—such as rent, royalties, awards, and prizes—that were paid last year. If you plan on filing paper returns, you’ll also need to include Form 1096 along with them. 

For more information, read Publication 1220.

February 29, 2024

Form 8027 filing deadline

If you run a large food or beverage establishment, you have to file Form 8027 with the IRS by February 29 to report receipts from food and beverages, as well as the total amount of tips your employees reported to you.

Food or beverage operations are defined by the IRS as businesses:

  • that do business in the United States
  • where employees usually receive tips
  • with more than 10 employees on a typical business day during the last calendar year

To get more information about this tax document, review the form’s instructions on the IRS website

State 1099 and W-2 filing deadlines

Again, some states have different schedules than the IRS. Louisiana, for example, requires you to file 1099 and W-2 forms by February 29.

If you’re not sure of your state filing deadlines (or if you need to turn in any forms at all), check with your state tax agency for more details. 

Form 730 filing deadline

You have to file Form 730, the monthly tax return for wagers, if you meet the following criteria and accepted wagers during January 2024:

  • 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

Learn more about Form 730 here

Form 8809 filing deadline

If you need to request more time to file your information returns, you have to file Form 8809 by February 29. Filing this form automatically extends the time to file by 30 days. Form 8809 lets you request an extension to file any of the following forms: 

  • W-2, W-2G
  • 1042-S
  • 1094-C, 1095
  • 1097, 1098, 1099
  • 3921, 3922
  • 5498
  • 8027

Keep in mind that if you don’t file the above forms on time and don’t have a valid extension, you may have to pay a penalty to the IRS.

Learn more about the application for an extension to file information returns here

HR compliance deadlines

February 1, 2024

OSHA Form 300A summary posting

The Occupational Safety and Health Administration (OSHA) requires most companies with 10 or more full-time employees to keep an annual record of all reportable workplace injuries and illnesses, the time and place they occurred, and other relevant details using Form 300

Every year, OSHA mandates that employers post the summary section (Form 300A) of last year’s incident log by February 1. This form must be kept posted until April 30.

February 28, 2024

Forms 1094-C and 1095-C paper filing deadline

According to the Affordable Care Act, employers must provide their employees with certain healthcare reporting forms every year. 

Employers with 50 or more full-time equivalent employees (also known as applicable large employers) must send Form 1095-C to the IRS and to all of their employees who are eligible for health insurance coverage. The due date for furnishing Form 1095-C to employees is February 28.

You’ll also need to turn in a cover sheet to the IRS along with your returns, in the form of Form 1094-C (for 1095-C forms). If you have fewer than 250 forms to file and you plan to send paper documents, submit them to the IRS by February 28. 

If you have to file 250 or more 1095-Cs, you must do so electronically by March 31. 

For more details, please read the Instructions for Forms 1094-C and 1095-C.

February 29, 2024

Creditable coverage disclosure deadline

The Medicare Modernization Act (MMA) requires businesses that have Medicare-eligible employees and offer health care with prescription drug coverage to disclose the creditable coverage status of their prescription drug plans. 

The Disclosure to CMS Form, which you can find online, must be submitted to the Centers of Medicare and Medicaid Services (CMS) by the 60th day of the new plan year. Most plan years start on January 1, so your deadline is February 29. 

For additional information on the creditable coverage requirement, visit the CMS website.

Paige Smith Paige is a content marketing writer specializing in business, finance, and tech. She regularly writes for a number of B2B industry leaders, including fintech companies and small business lenders. See more of her work here:
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