Summer is right around the corner, which means it’s time to roll out summer promotions, set revenue targets for fall, and check in on your annual business goals. Along the way, make sure you keep up with your compliance deadlines. We’ve got them laid out for you below.
Federal holidays
June 19, 2024
Juneteenth
Juneteenth—which falls on a Wednesday this year—is a federal holiday commemorating the end of slavery in the United States. On June 19, 1865, Union Army Major General Gordon Granger rode into Galveston, Texas, and issued an order proclaiming that the enslaved African Americans there were free.
Now, many corporations and small businesses alike shut down operations or give their employees the day off in observance.
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.
If you report more than $50,000 in payroll taxes during the lookback period of July 1, 2022, to June 30, 2023, you’re considered a semi-weekly depositor and must follow the 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.
June 10, 2024
Employee tip reporting deadline for May
Employees who earned tips of $20 or more during May have to report those tips to you by June 10. You can learn more about tip withholding and reporting requirements here.
June 17, 2024
Payroll tax deposits for monthly depositors
If you follow the monthly payroll tax deposit schedule (meaning that you reported less than $50,000 in payroll taxes during the lookback period), your tax deposit for May payrolls is due on June 17, a Monday this year.
Estimated tax payment for Q2 due
If you make quarterly estimated tax payments, your second payment of the year is due June 17. You will likely make quarterly estimated tax payments if you fall into one of the following categories:
- C corporations
- S corporation shareholders
- Partners
- Sole proprietors
- Independent contractors
- Freelancers
- Gig workers
You can pay online, over the phone, or via mail using Form 1040-ES. For more information on estimated taxes, review Publication 505.
Form 8813 quarterly payment voucher due for partnerships
If you operate a partnership, you need to file Form 8813 by June 17 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 Q2 for tax-exempt organizations
If you own a tax-exempt organization, like a nonprofit, and you expect your tax for the year to be more than $500, you need to pay any estimated tax on unrelated business income by June 17. You can use Form 990-W to calculate the amount of estimated tax required.
Forms 8804 and 8805 due for partnerships with accounts outside the US and Puerto Rico
If you’re a calendar-year partnership that keeps your business accounts and records outside of the US and Puerto Rico, you have to file Forms 8804 and 8805 to report your total tax liability by June 17.
Tax returns due for military personnel and US taxpayers living and working abroad
Business and personal income tax returns (plus tax payments) for the following groups are due by June 17:
- On-duty military personnel abroad who don’t qualify for the longer combat zone extension
- US citizens and resident aliens who live and work outside of the US and Puerto Rico
If you fall into one of these categories, make sure to include a statement along with your return explaining which of the above situations apply to you. Individuals living outside the US need to file Form 1040 or Form 1040-SR (for seniors).
If you need more time to file your tax return, you have to file Form 4868 by June 17 to get an automatic four-month tax extension. Keep in mind this extension doesn’t apply to your payments; you still need to make tax payments by June 17 to avoid penalties.
For details on the special rules that apply to US taxpayers living and working abroad, read Publication 54.
June 30, 2024
End of Q2 for companies following the calendar year
If your business operates on a calendar year, the second quarter ends on June 30.
HR compliance deadlines
June 28, 2024
Deadline for retirement plans with publicly traded employer securities to file their annual report
The Securities and Exchanges Commission (SEC) requires all publicly traded companies to file SEC Form 11-K every year. Form 11-K is an annual report that includes information about employee stock purchases and any plans that own interests in securities.
If you have a retirement plan with publicly traded employer securities, you need to file Form 11-K by June 28, 180 days after the end of the retirement plan year.
Deadline for processing Employee Stock Ownership Plan (ESOP) diversification elections for calendar year plans
If you have an Employee Stock Ownership Plan (ESOP), you have to process your employees’ diversification elections by June 28, 180 days after the end of the plan year. For some background, the Internal Revenue Code allows ESOP holders to diversify their stock account once they become a qualified participant—when they reach the age of 55 and have participated in the plan for 10 years.
Reaching this status triggers the six-year qualified election period for these participants. Some plans give participants even more time to diversify their accounts, so it’s a good idea to check your plan document or reach out to your plan provider if you have questions.
Mid-year benefits review for employees
Halfway through the calendar year, it’s a good idea to remind your employees to take advantage of their employee benefits. That might include annual health checkups, paid time off, and other assistance programs. Send your employees an email reminder listing their available benefits, or schedule a meeting to answer questions.
June 30, 2024
Deadline for issuing corrective distributions due to failed nondiscrimination test for EACAs
When your eligible automatic contribution arrangement (EACA) doesn’t have Safe Harbor status, you’re required to conduct nondiscrimination testing on these plans on a regular basis.
These tests—also known as the Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP) tests—determine whether accounts belonging to rank-and-file employees and those belonging to managers, owners, and other higher-compensated employees (HCEs) receive a proportional amount of contributions.
If these tests reveal that there is a discrepancy that benefits high-income earners, you’re required to contribute more funds to your rank-and-file plan participants, correct excessive distributions made to HCE plans, or both.
Plan sponsors for EACAs that failed the ADP or ACP tests during the prior plan year and choose to make corrective distributions to HCE plans must process these refunds by June 30 to avoid a 10% excise tax.
Keep in mind that June 30 falls on a Sunday this year, so it’s a good idea to make your corrective distributions by June 28 to err on the safe side.
