September 01, 2023 | Posted in:

Fall 2023 Tax Deadlines and IRS News

Upcoming Tax Deadlines

September 15, 2023

• Third quarter individual estimated tax payments for 2023 are due.

• Filing deadline for extended 2022 S-corporation and partnership returns.

October 16, 2023

• Filing deadline for extended 2022 individual tax returns and calendar-year C-corporation returns.

During November

• Estimate your 2023 income tax liability and review your options for minimizing your taxes. Call to schedule a tax planning review.


What’s New with the IRS

IRS Lowers W-2 and 1099 Electronic Filing Requirements

As of 2024, the required electronic filing threshold for certain information returns (including the 1099 series forms and most Forms W-2) was reduced from 250 returns to 10 returns. This lower threshold applies to tax year 2023 Forms W-2 as they are due to be filed by January 31, 2024.


Update to Form 5500 Audit Exemption for 401(k) and 403(b) Plans

New guidance from the IRS and DOL changes how participants are counted to qualify for the small plan exemption of less than 100 participants. Plan years beginning on or after January 1, 2023 need only to account for participants with active balances, and no longer all eligible participants. More plans are now expected to qualify for the small plan exemption, which waives the auditing requirement.


StayNJ: New Property Tax Relief for NJ Seniors

A new property tax relief law aims to help residents over the age of 65 by reducing property taxes by up to 50% or increasing rental aid for eligible tenants. Until StayNJ goes into effect, the state is providing seniors an immediate $250 increase in property tax relief through the existing NJ ANCHOR program.



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