November 2024: Upcoming Tax Due Dates
Sarah B
November 15
Employers: Deposit Social Security, Medicare and withheld income taxes for October if the monthly deposit rule applies.
Employers: Deposit nonpayroll withheld income tax for October if the monthly deposit rule applies.
Calendar-year exempt organizations: File a 2023 information return (Form 990, Form 990-EZ or Form 990-PF) if a six-month extension was filed. Pay any tax, interest and penalties due.
December 10
Individuals: Report November tip income of $20 or more to employers (Form 4070).
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December 15 Calendar-year corporations: Pay the fourth installment of 2025 estimated income taxes, completing Form 1120-W for the corporation’s records. Employers: Deposit Social Security, Medicare and withheld income taxes for November if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for November if the monthly deposit rule applies. January 12 Individuals: Report December 2025 tip income of $20 or more to employers (Form 4070).
The holidays are a time for gratitude, and many employers show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the IRS will treat the gift. “Achievement awards” are deductible by the employer and tax-free to the employee if certain rules are met, including that the gift be of tangible personal property. So are “de minimis” gifts, such as that holiday turkey. But year-end bonuses are taxable. Contact the office if you have questions about the tax implications of employee gifts.