Tax Due Dates

2023 TAX REPORTING DEADLINES:

January 3

• For employers who deferred paying the employer share of social security tax in 2021, pay 50% of the deferred amount of the employer share.

January 17

• Individual 4^thquarter estimated tax payments due for tax year 2022. See February 15^th due date for exception.

January 31

• 2022 Forms W-2 should be issued to employees and to the Social Security Administration
• Mail or electronically file Copy A of Form(s) W-2 and Form W-3 with the Social Security Administration
• Prepare & furnish annual information statements to recipients of certain payments made during 2022. The most common examples include:

• 1099-NEC, Nonemployee Compensation (generally, for amounts $600 or more)
• 1099-MISC, Miscellaneous Income (threshold amounts varies, depending on type of income)
• 1099-INT, Interest Income (generally, $10 or more)
• 1099-DIV, Dividends and Distributions (generally, $10 or more
• 1098, Mortgage Interest Statement (for amounts $600 or more)

• Forms 1099-NEC, Copy A, must be either mailed or electronically filed with the IRS by this date
• 4^th quarter 2022 payroll reports due including Forms 940, 941 and state reports

February 15

• Individuals who had a valid extension to file their 2021 return due to run out on October 17, 2022, will now have until February 15, 2023, to file.

• The February 15, 2023 extension also applies to the fourth quarter estimated tax payment originally due by/before January 17, 2023. It also applies to the quarterly payroll and excise tax returns normally due on October 31, 2022 and January 31, 2023.

• Also, business returns that had filed an extension to give them until October 17, 2022 to file their returns also have until February 15, 2023 to file due to Hurricane Ian.

Please note that this extension is only for the time to file the various tax returns, as no extension has been provided for the paying of taxes due (except for the payment of the estimated tax, of course).

• 2022 Forms 1099-B, Proceeds from Broker and Barter Exchange, to be furnished to recipients
• 2022 Forms 1099-S, Proceeds from Real Estate Transactions, to be furnished to transferors
• 2022 Forms 1099-MISC (if amounts are only reported in box 8 or 10) to be furnished to recipients

February 28

• Last day to postmark if sending copies of Forms 1099 and/or Forms 1098, along with Form 1096, to the IRS by mail

March 15

• S Corporation and Partnership tax returns due that have a Dec 31 year end (Forms 1120S and 1065)

March 31

• Last day to file Forms 1098 and most Forms 1099 with the IRS, if filing electronically

April 18

• Individual tax returns due (Form 1040)
• Corporate tax returns due that have a Dec 31 year end (Form 1120)
• Individual and Corporate 1^st quarter estimated tax payments due for 2023

May 1

• 1^st quarter 2023 payroll quarterly reports due including Forms 941 and state reports
• South Carolina Business Personal Property tax returns (PT-100)
• Horry County Business License renewals due

May 16

• Calendar-Year Exempt Organization Returns due including Forms 990, 990-EZ, and 990-PF
• South Carolina Annual Report due for Calendar Year Exempt Organizations

June 1

• City of Myrtle Beach Business License renewals due
• City of Surfside Beach Business License renewals due

June 15

• Individual and Corporate 2^nd quarter estimated tax payments due for 2023

July 31

• 2^nd quarter 2023 payroll reports due including Forms 941 and state reports

September 15

• Individual and Corporate 3^rd quarter estimated tax payments due for 2023
• Extended S Corporation and Partnership tax returns due that have a December 31 year end (Forms 1120S & 1065)

October 16

• Extended Individual tax returns due (Form 1040)
• Extended Corporate tax returns due that have a Dec 31 year end (Form 1120)

October 31

• 3^rd quarter 2023 payroll reports due including Forms 941 and state reports

November 15

• Extended Calendar-Year Exempt Organization Returns due including Forms 990, 990-EZ, and 990-PF
• Extended South Carolina Annual Report due for Calendar Year Exempt Organizations

December 15

• Corporations only: Deposit the 4^th installment of estimated income tax for 2023.

As to payroll withholdings:

If you are a monthly depositor, your payment deposit is due by the 15^th day following each month.

If you are a semi-weekly depositor, your payment deposit is due on the Wednesday following your payroll date if your payroll day is on Wednesday, Thursday or Friday. Your payment deposit is due on the Friday following your payroll date if your payroll day is on a Saturday, Sunday, Monday or Tuesday.

Using the IRS EFTPS site, you should initiate the payment at least one day before the due date for it to be processed by the due date without penalty.

As to Sales tax reporting:

Generally, all South Carolina sales tax reporting is due by the 20^thof the month for the previous month’s sales.