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

Paige Smith

Official tax season might be over, but May still has a handful of key compliance deadlines. Whether you’re in the middle of post-Tax Day organization or summer sales planning, check out these dates below to get prepared. 

Federal holidays

May 27, 2024

Memorial Day

Take a much-deserved day off before the unofficial start of summer!

Tax and payroll compliance deadlines

Payroll tax deposits (for semi-weekly depositors)

Employers must file Forms 940 and 941 to deposit payroll taxes at different times throughout the year. Semi-weekly depositors are employers that report more than $50,000 in payroll taxes during the lookback period from July 1, 2022, to June 30, 2023. 

If that’s you, 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

However, if you accumulate $100,000 or more of tax liability in a single day, you need to deposit the amount due by the following business day, regardless of whether you normally deposit on a semi-weekly or monthly basis (more on monthly deposits below).

For more information on federal payroll tax deposits, check out Publication 15

And remember: many state and local governments that collect payroll taxes have their own deposit deadlines, so contact your state and local tax agencies directly to double-check your dates. 

May 1, 2024

FUTA quarterly tax payment due

The Federal Unemployment Tax Act (FUTA) says that you’re subject to FUTA tax on the wages you paid employees who aren’t household or agricultural employees if:

  • You paid wages of $1,500 or more to employees in any calendar quarter during 2022 or 2023, or
  • You had one or more employees for at least some part of a day in any 20 or more different weeks in 2022 or 20 or more different weeks in 2023. Count all full-time, part-time, and temporary employees.

If the above applies to you, you have to file Form 940 by January 31 and deposit your FUTA tax before you file your return. If your FUTA tax liability is more than $500 for the calendar year, you must deposit at least one quarterly payment.

If your FUTA tax liability through March 2024 is more than $500, you need to make your first quarterly payment by May 1. Electronic fund transfers are required—you can use the Electronic Federal Tax Payment System (EFTPS). 

For Information on the electronic federal tax payment system, refer to Publication 966, and for more information on deposit rules, refer to Publication 15.

State income taxes due for Iowa and Virginia businesses 

If your business is located in Iowa or Virginia, you must pay your state income taxes by May 1. For more information, check out the respective state departments of revenue for Iowa and Virginia. 

May 2, 2024

State income taxes due for Delaware businesses 

If you run a business in Delaware, you need to file your state income tax return and pay taxes by May 2. Explore Delaware’s State Department of Revenue for more information. 

May 10, 2024

Employee tip reporting deadline for April 2024

If your employees earn tips, they must report any tips of $20 or more they earned during April 2024. You can learn more about tip withholding and reporting requirements here

Form 941 extended filing deadline for people who made timely deposits 

All employers with at least one employee have to file Form 941 to report any income taxes, Social Security taxes, or Medicare taxes withheld from their 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 April 30. However, if you made the full deposit for the quarter on time, you automatically get additional time to file the form, which means your new deadline is May 10. 

You can e-file through the EFTPS.

May 15, 2024

Payroll tax deposits for monthly depositors

If your business follows the monthly payroll tax deposit schedule (in other words, you reported less than $50,000 in payroll taxes during the lookback period), then your tax deposit for April payrolls is due on May 15. 

State income taxes due for Louisiana businesses 

If your business is in Louisiana, you need to file your state income tax return and pay taxes by May 15. Check out Louisiana’s State Department of Revenue for more information. 

Form 8038 filing deadline

If your business issues tax-exempt private activity bonds, you need to file Form 8038 for any bonds issued in the first quarter of 2024 by May 15. You need to 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

For more information on what constitutes a bond and which other forms you may need to file, see the IRS instructions here

Nonprofit tax returns due

All nonprofit organizations are required to submit an annual tax return reporting your organization’s activities and finances for the year. If you operate on a calendar year, the deadline for filing your 2023 tax return using Form 990 is May 15. 

However, the IRS has extended the tax filing and payment deadline for businesses located in the following FEMA-designated disaster areas: 

To check if your state qualifies for any disaster relief extensions, see the IRS disaster relief list for 2024.

For more information on how to fill out Form 990, along with 990-EZ, 990-PF, 990-N, 990-BL, 990-T 4720, and 8868, review the official instructions on the IRS website. 

May 31, 2024

Form 730 filing deadline for April wagers

Form 730, the monthly tax return for wagers, is due May 31 if you meet the following criteria and accepted wagers during April 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 2290 filing deadline for vehicles first used in April

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 April 2024, you have to file Form 2290 by May 31. 

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

HR compliance deadlines

May 15, 2024

Quarterly plan statements due to plan participants

If you offer retirement plans to your employees, you’re required to send plan statements to participants with an account balance on a quarterly basis. The deadline for sending out these documents is 45 days after the end of the quarter, which means the first statements are due May 15. 

Make sure to include the following information in your company’s plan statements:

  • The total and vested account balance, as of the last day of the statement period
  • The value of each investment in the account
  • The dollar amount in fees that have been deducted from the account
  • Any limitations or restrictions on the participant’s ability to direct an investment
  • An explanation (in layman’s terms) of the importance of a well-balanced and diversified investment portfolio to the participant’s long-term financial security

It’s also a good idea to include a note directing the participant to the Department of Labor’s website for more information on personal investing and diversification.

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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