CORPUS CHRISTI, TX / ACCESSWIRE / April 30, 2024 / As filing deadlines quickly approach, it's essential for businesses to ensure compliance in order to avoid penalties. The upcoming deadlines include California Pay Data Reporting, the Affordable Care Act (ACA) deadline extension, and the IRS Form 941 for the first quarter of 2024.

Upcoming Deadlines

California Pay Data Reporting

The second annual California Pay Data Report deadline is only about a week away, on May 8, 2024. California law requires that certain employers must report a variety of workforce data to the California Civil Rights Department (CRD) as specified by SB1162.

Affected employers include employers with 100+ employees and/or 100+ labor contractor employees AND are either located in California or employ at least 1 California worker. Failure to comply could result in penalties of up to $200 per worker.

ACA Extension Deadline

Employers that requested an ACA deadline extension using Form 8809 have filings due on May 2, 2024.

It is crucial for entities required to report under the ACA to take note of this extended deadline to maintain compliance and avoid hefty fines, which can reach up to $310 per form.

IRS Form 941

Moreover, today, April 30, 2024, marks the critical deadline for submitting IRS Form 941 for the first quarter. This form is crucial for reporting quarterly payroll taxes and must be filed electronically. Penalties for Failure to Deposit (FTD) may be up to 15% depending on when they were deposited. Failure to File (FTF) penalties are 5% per month that the return is not submitted, with a maximum of 25% of the tax due. Failure to Pay (FTP) penalties are 0.5% per month per month of the amount of tax, with a maximum of 25% of the tax due.

Penalty Overview for Late Filings:

California Pay Data Reporting: Up to $200 per employee for failure to file.

ACA Filings: Up to $310 per form for failing to file or to file electronically as required.

IRS Form 941

Failure to Deposit (FTD): Penalties of up to 15% depending on when the deposit was made.

Failure to File (FTF): Penalties of 5% per month, with a maximum of 25% of the tax due.

Failure to Pay (FTP): Penalties of 0.5% per month, with a maximum of 25% of the tax due.

Immediate action is essential to meet these filing requirements and avoid penalties.

About BoomTax

Located in Corpus Christi, Texas, BoomTax is a leading provider of tax compliance solutions, designed to streamline and enhance the tax reporting process for businesses. With a user-friendly interface, BoomTax supports a wide array of forms, including the Form 1099 series (MISC, DIV, INT, NEC), W-2, 1095-B, 1095-C, and California Pay Data Reporting.

BoomTax is committed to assisting businesses in achieving their compliance goals with precision and ease through specialized solutions for these forms, combining the latest technology with superior customer support to streamline tax reporting for enterprises of every size.

Media Contact:

Ken Ham: pr@boomtax.com

SOURCE: BoomTax