2024 Year-End Reminders and Tax Filing Deadlines

By Denise M. Holmes, CPA, Partner

2024 Year-End Reminders and Tax Filing Deadlines

Preparing your business for the year-end 2024

As year-end approaches, keep the following tax filing deadlines and suggestions in mind.

2024 payroll reporting

The following payroll returns are due January 31, 2025:

  • Provide copies of Form W-2 to employees
  • File Form W-3 and Forms W-2, Copy A, with Social Security Administration
  • File Payroll tax returns with the appropriate agency:
    • Form 941, Employer’s QUARTERLY Federal Tax Return (or Form 944, Employer’s ANNUAL Federal Tax Return)
    • Form 940, Employer’s Annual Federal Unemployment (FUTA) Tax Return
    • Form VA-6, Employer’s Annual or Final Summary of Virginia Income Tax Withheld (or annual withholding report for applicable state)
    • Form VEC-FC-20/21, Employer Quarterly Payroll and Tax Report (or SUTA report for applicable state)
  • File Form 945, Annual Return of Withheld Federal Income Tax (if income tax was withheld on non-payroll items)

2024 Form 1099 information returns

Form 1099-NEC

Payments for non-employee compensation are reported on Form 1099 NEC in Box 1. Form 1099-NEC is due to recipients and the IRS on January 31, 2025:

  • Provide Form 1099-NEC to unincorporated independent contractors to whom you have paid $600 or more for services used in a trade or business during calendar year 2024.
  • File Form 1096 and Forms 1099-NEC, Copy A, with the Internal Revenue Service by January 31, 2025.
  • Attorneys’ fees for services of $600 or more paid in the course of a trade or business are reported in box 1 of Form 1099-NEC, regardless of legal classification (unincorporated, LLC or corporation)
  • Payments made by debit or credit card should not be reported on Form 1099-NEC. These electronic payments are reported on Form 1099-K, payment card and third-party network transactions, by the merchants and third-party networks who collect the payments.

Other Forms 1099

Forms 1099 which report payments other than non-employee compensation are due to recipients on January 31, 2025, and to the IRS on February 28, 2025.

  • Provide Form 1099 to recipients by January 31, 2025
    • The type of Form 1099 depends on the amount and type of payment made. Examples include Form 1099-INT (Interest Income), Form 1099-DIV (Dividend Income), Form 1099-MISC (Miscellaneous Income), Form 1099-S (Report proceeds from the sale of real estate and certain royalty payments)
  • File Form 1096 and Forms 1099 with the Internal Revenue Service by February 28, 2025.
  • Gross proceeds paid to attorneys of $600 or more paid in the course of a trade or business in connection with legal services are reported in box 10 of Form 1099-MISC, regardless of legal classification (unincorporated, LLC or Corporation).
    • Gross proceeds are not reported on Form 1099-NEC.
  • Payments made by debit or credit should not be reported on Form 1099-NEC. These electronic payments are reported on Form 1099-K, Payment Card and Third-Party Network Transactions, by merchants and third-party networks who collect the payments.

IMMEDIATE ACTION REQUIRED: It is recommended that businesses review their records prior to December 31, 2024, to make certain that a Form W-9 (Request for Taxpayer Identification Number and Certification) is on file for any contractor requiring a Form 1099. Best practice is to collect the Form W-9 during the year and prior to payment. Form W-9 to send to vendors.


Electronic filing of returns

Requirements for Forms W-2 and Forms 1099

The regulations lowered to 10 the threshold at which you must file certain information returns electronically, including Forms W-2, W-2AS, W-2GU, and W-2VI (collectively Forms W-2), but not Form W-2CM and all Forms 1099. To determine whether you must file information returns electronically, add together the number of information returns (see the list next) and the number of Forms W-2 you must file in a calendar year. If the total is at least 10 returns, you must file them all electronically. The new threshold became effective for information returns required to be filed in calendar years beginning with 2024 (tax year 2023 Forms W-2 and Forms 1099).

Forms that must be added together
Form 1042-SForm 1098-Q
the Form 1094 seriesForm 1098-T
Form 1095-Bthe Form 1099 series
Form 1095-CForm 3921
Form 1097-BTCForm 3922
Form 1098the Form 5498 series
Form 1098-CForm 8027
Form 1098-EForm W-2G, and
Form 499R-2/W-2PR.

Corrected information returns are treated separately (see below) and are not included in calculating the number of information returns described above.

The IRS allows you to e-file information returns directly through the Information Reporting Intake System (IRIS). Be sure to apply for an IRIS Taxpayer Portal Transmitter Control Code (TCC) which will identify you when you e-file the information forms.

Forms 10981099-A1099-C1099-DIV1099-G1099-INT1099-K1099-MISC1099-NEC, and 1099-S and their instructions have been converted from annual updates to continuous use. The form and its instructions will be updated as needed.

Local tax reporting

Business license renewal for License Year 2025 must generally be filed and taxes paid by March 1, 2025. Some localities, such as Hanover County, do not have a business license (except for contractors) while other localities require a license for just certain types of businesses. Contact your locality for more information. Keep in mind that if your business operates in multiple localities, multiple licenses may be required.


Did your business move from one locality to another during 2024? If so, be sure you have obtained a business license in the new locality and filed business closure forms in the locality from which you moved. You may be entitled to a refund of BPOL from the old locality for that portion of the year after the relocation to the new locality. Some localities automatically refund based on the information on the business closure form but others require that you actively seek a refund (send in a letter/request).


Returns of business personal property filing deadlines by locality

  • Chesterfield County: March 1, 2025
  • Hanover County: May 1, 2025
  • Henrico County: March 1, 2025
  • City of Richmond: March 1, 2025

IMMEDIATE ACTION REQUIRED: Since tangible personal property tax due is calculated on the assessed value of assets available for use as of January 1, 2025, the asset listing should be reviewed each year to confirm that assets disposed of during the year have been removed by December 31 and assets acquired have been added. Assets still owned but not in use should be disposed of prior to December 31, otherwise they are reportable for local property tax purposes.

Also note that tangible personal property expensed for federal income tax purposes under the de minimis rules is still reportable to the localities.


Federal and local tax resources

Questions on business tax filings and deadlines specific to your business? Contact your Keiter Opportunity Advisor for assistance.

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About the Author


Denise M. Holmes

Denise M. Holmes, CPA, Partner

Denise serves a wide variety of industries with a major concentration in healthcare and medical practices. She shares her industry knowledge and tax expertise with physicians to assist them in reaching their personal and business financial goals. Some of her specialty areas with Keiter include consulting, compliance and tax research for individuals, partnerships, and S Corporations. She is the leader of Keiter’s Construction niche team.

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The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.

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