Get insights into how to save on taxes. Talk To Our Experts
THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
DON'T FORGET TO CLAIM YOUR R&D TAX CREDIT! BOOK A CALL TODAY
TAX DEADLINE
00
Days
00
hours
00
min
00
sec
THE APRIL 18TH TAX DEADLINE IS APPROACHING FAST
DON'T FORGET TO CLAIM YOUR R&D TAX CREDIT! BOOK A CALL TODAY
00
Days
00
hours
00
min
00
sec
December 20, 2023
1 min read
Tax Season Calendar 2024
Department heads spend over 150 hours each year getting R&D taxes prepared for enterprise companies! That’s why, at Neo.Tax, we’ve built a tool to streamline the arduous R&D tax process.
But, even if you’ve gotten on board with the AI-empowered future of tax, it still is important to know the key dates coming down the pike. So, here’s a helpful calendar to guide you through the coming tax year…
January 24th – 2024 Tax Season begins! The IRS will begin processing 2023 tax returns on January 24th!
January 31st – Form 1099-NEC is due for nonemployee compensation paid in 2023
– AND: Final 2023 Quarterly Payroll Form 941 is due. (Form 8974 should be attached)
March 31st – Deadline for a Neo.Tax customer to file (Form 1120) in order to receive Q2 R&D payroll offset.
April 15th, aka Tax Day! – 2023 Form 1120 Corporate Tax Returns or a 6-Month Tax Extension is due.
April 30th – First 2024 Quarterly Payroll Form 941 is due. (Form 8974 should be attached).
June 30th – Deadline for a customer to file (Form 1120) in order to receive Q3 R&D payroll offset.
July 31st – Q2 2024 Payroll Form 941 is due. (Form 8974 should be attached).
September 30th – Deadline for a customer to file (Form 1120) in order to receive Q4 R&D payroll offset.
October 15th aka Extension Tax Day! – Final deadline to file a timely Form 1120 Corporate Tax Return if an extension was filed by April 15th.
October 31st – Q3 Payroll Form 941 is due. (Form 8974 should be attached).
.svg)
0
0
Receive weekly updates on new posts and features
At Neo.Tax, we talk to scores of controllers and Heads of Tax every month. One thing is clear: the old way of filing for R&D Tax Credits has become a burdensome pain. You’d think that so many businesses moving their project management and payroll online, via software like Jira, Rippling, and Workday would simplify the filing process. But, in some ways, it’s made it harder.
The payroll and project management output is a rich dataset, but it’s also, well, voluminous. If that data is not inputted perfectly—and let’s be honest, it never is—that means it’s up to a controller or Head of Tax to sift through the mess to create the filing. Engineers need to be trained (and retrained) on the correct project tagging process, and then cajoled to sort out any inputting errors. It’s a waste of time for your filer and your engineering teams.
Which is why Neo.Tax created our AI system.
No one starts a company because they’re excited about accounting and taxes. Well, no one except the Neo.Tax founders :)
But for those other 99% of founders, here’s a cheat sheet and guide to ASC 350-40, an accounting guideline that pertains to Internal-Use Software Development Costs. Maybe you’ve never heard of ASC 350-40, but you should get to know the rule if you ever plan to go public.
