The last quarter of the calendar year is underway! Take time now to schedule upcoming payments and organize your paperwork. Here are critical HR, benefits, payroll, and tax compliance deadlines you need to know about this month.
Federal holidays
National Disability Employment Awareness Month
October is National Disability Employment Awareness Month (NDEAM), a time to acknowledge workers with disabilities, showcase inclusive employment practices, and educate employers on how to support their employees. This year’s theme is “Access to Good Jobs for All.” Learn more about how you can participate in NDEAM by visiting the Department of Labor’s website.
October 14, 2024
Indigenous Peoples’ Day/Columbus Day
Indigenous Peoples’ Day celebrates Indigenous American people and their histories and cultures. Many states and cities observe Indigenous Peoples’ Day instead of Columbus Day. Maine, Nebraska, New Mexico, and South Dakota consider the day a holiday. Check here to see whether your state observes Indigenous Peoples’ Day or recognizes it as an official paid holiday.
Tax and payroll compliance deadlines
Payroll tax deposits (for semi-weekly depositors)
As an employer, you have to file Forms 940 and 941 to deposit payroll taxes at different intervals during 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, which means you have to 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 requires you to 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.
Some state and local governments that collect payroll taxes will also expect their own deposits—and those deadlines might differ from the federal ones. For more information, contact your state and local tax agencies directly.
October 1, 2024
The start of October marks the beginning of Q4 if you operate on a calendar year.
October 10, 2024
Employee tip reporting deadline for September
If your employees earn tips, they need to report them to you every month. If they received any tips of $20 or more during September, their reporting deadline is October 10.
Learn more about tip withholding and reporting requirements here.
October 15, 2024
Payroll tax deposits for monthly depositors
If you’re on 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 September Social Security, Medicare, and withheld income tax is due on October 15.
Form 1040 extended filing deadline for sole proprietors and single-member LLCs
If you’re a sole proprietor or single-member LLC that reports your income through your personal tax returns, you must submit Form 1040 and Schedule C to the IRS. If you requested a six-month extension for your 2023 tax returns using Form 4868, you’re required to file Form 1040 by October 15. You also need to pay any tax, interest, or penalties due.
Form 1120 extended filing deadline for corporations
Most C corporations that operate on a calendar year are required to submit Form 1120 and the appropriate taxes to the IRS. If you requested a six-month extension using Form 7004, you must file Form 1120 by October 15.
You can file your returns by mail or online, but the IRS recommends e-filing because it’s faster. If your C corp has $10 million or more in assets and if you file 250 or more information returns per year (i.e. W-2s, 1099s), you’re required to file your taxes electronically.
Find Form 1120 e-filing guidelines and general instructions on the IRS website.
October 31, 2024
Form 941 filing deadline for Q3
If you have at least one employee, you’re required 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 using Form 941.
The third Form 941 for 2024 and the accompanying payroll tax payment are due on October 31.
You can e-file through the EFTPS or mail the document along with your payment voucher to the IRS. Your mailing address depends on the state your business is located in and whether or not your payment is enclosed, so make sure you review the tax form instructions for more information.
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.
That means if your FUTA tax liability through September is more than $500, you need to make your third quarterly payment by October 31.
If you owe $500 or more, you’re required to make electronic fund transfers using the EFTPS. Refer to Publication 966 for electronic federal tax payment system information, and Publication 15 for more information on deposit rules.
Form 720 filing deadline
If your business manufactures or sells certain goods and services, you must report and pay excise taxes to the IRS on a quarterly basis using Form 720. You can see the full list of the goods and services that incur excise taxes on the document itself.
If your business deals with any of them, the third of your four payments for the 2024 tax year is due October 31.
If you want to e-file, you can pay your excise taxes through the EFTPS. If you want to mail the tax form to the IRS, send the form, along with your check or money order payment and the Form 720-V payment voucher (found on the last page of Form 720), to the following address:
Department of the Treasury
Internal Revenue Service
Ogden, UT 84201-0009
Form 2290 filing deadline for vehicles first used in September
If you first used your registered heavy highway motor vehicle in September, you have to file Form 2290 by October 31 and pay any corresponding tax.
Form 730 filing deadline for September wagers
If you accepted wagers during September and meet the below criteria, you have to file Form 730 by October 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
HR compliance deadlines
October 2, 2024
QSEHRA annual notice delivery to plan participants
October is the start of the period when you can begin disseminating Qualified Small Employer Health Reimbursement Arrangement (QSEHRA) notices to your benefits plan participants. You have to send these notices out 30 to 90 days before the start of the calendar year you’ll be offering the QSEHRA.
Make sure you send the following notices:
- 401(k) safe harbor match
- Automatic contribution arrangement (ACA)
- Qualified automatic contribution arrangement (QACA)
- Qualified default investment alternative (QDIA)
RDS application due to CMS
The Retiree Drug Subsidy (RDS) is an application that helps employers support Medicare-eligible retirees in getting better drug coverage. The RDS application is due to the Centers for Medicare and Medicaid Services (CMS) 90 days before the start of the plan year. If your plan year begins on January 1, 2025, your RDS application is due October 2.
Learn more about the RDS application and how to submit it on CMS’ website.
October 15, 2024
Employer retirement contributions due for certain employers
If you’re a sole proprietorship or C corp and received approval for an extended tax filing deadline of October 15, you also have to make any final employer retirement plan contributions for the 2024 tax year by this date.
Medicare Part D Notice of Creditable Coverage due to plan participants
If you have a group health plan and provide prescription drug coverage, you’re required to tell individuals who are eligible for Medicare Part D (and people who are about to become eligible) whether their plan’s coverage is at least as good as Medicare’s—in other words, whether it’s “creditable” or “non-creditable.”
Individuals are eligible for Part D if they meet one of the following criteria:
- Are 65 or more years old
- Are three months away from turning 65 years old
- Have a disability
You have to disclose this information to all eligible individuals electronically or via mail before October 15, so make sure to plan ahead. This ensures your plan participants have the information they need to decide whether they need Medicare prescription coverage ahead of the annual enrollment period, which begins in November.
You can see CMS’ templates for these notice letters here.
Deadline to correct a minimum coverage requirement or nondiscrimination failure
If you offer retirement plans, you’re required to test those plans every year to ensure they 1) meet minimum coverage requirements and 2) pass the Actual Deferral Percentage (ADP) and Actual Contribution Percentage (ACP) nondiscrimination tests.
If you fail to meet the requirements of your plan, you have until October 15 to file a retroactive amendment to correct your mistakes. For complete instructions on how to fix a failed ADP or ACP test, review the IRS’s guide.
Third quarter minimum funding payment due for certain defined benefit pension plans
If you have a defined benefit pension plan that experienced a funding shortfall in 2023, you have to make your third quarter minimum funding contribution for the 2024 plan year by October 15.
Form 5500 due for extended deadline recipients
If you received a filing extension for Form 5500, whether by filing Form 5558 or Form 7004, your new deadline is October 15.
PGBC annual premium filing deadline
The Pension Benefit Guaranty Corporation (PBGC) premium filing deadline falls on the 15th day of the 10th calendar month of the plan year. If your plan year started in January, your flare rate and variable rate annual premium filing—and payment—is due to the PGBC October 15.
Get a full list of filing instructions for the 2024 plan year here.
