As the third quarter approaches and the new fiscal year begins, it’s time for businesses to consider their upcoming compliance obligations. Not only does this help avoid a last-minute rush, but it also ensures your clients remain in good standing throughout the year and into 2026.
Although 2025 is only halfway done, it’s never too early to prepare for end-of-year reporting. For businesses that operate on a July 1–June 30 fiscal year, they should be wrapping up much of their obligations by now. For all others, here are some key dates to be aware of for Q3 and Q4.
Estimated 2025 Tax Payments: June 16, Sept. 15
Businesses are required to pay their estimated income taxes on a quarterly basis throughout the year. Estimated income taxes from Q2 are due June 16 and estimated income taxes from Q3 are due Sept. 15. This is required of sole proprietorships, partnerships, and S corporation shareholders that expect to owe at least $1,000 in taxes for the year. For C corps, they must make estimated tax payments if their taxes are expected to be at least $500 when filed. Businesses who fail to pay these taxes can face fines and penalties.
Extended 2024 Tax Deadlines: Sept. 15, Oct. 15
Although the standard deadline for filing tax returns is April 15 (or March 17 for Partnerships or S Corporations), the deadlines for those who requested extensions are fast approaching. A summary of extension deadlines follows:
- Partnerships: Sept. 15
- S Corporations: Sept. 15
- Sole Proprietorships: Oct. 15
- C Corporations: Oct. 15
For LLCs, their deadlines depend on how they are taxed. By default, single-member LLCs are taxed as sole proprietorships, and as such, their extended deadline is Oct. 15. Multiple-member LLCs are taxed as partnerships and their extended deadline is Sept. 15. LLCs that are taxed as S Corps must file by Sept. 15, while those taxed as C Corps have an Oct. 15 deadline.
It should be noted that the above extended tax deadlines only apply to businesses that follow a traditional calendar year.
Payroll Taxes: July 31, Oct. 31
Businesses with employees are required to pay certain federal payroll taxes throughout the year, including the Federal Unemployment Tax (FUTA). Although employers must report their FUTA tax liability annually, quarterly tax deposits may be required. For Q2, those deposits are due July 31. For Q3, those deposits are due Oct. 31.
It should be noted that most states also have State Unemployment Tax (SUTA) filing requirements. The deadlines are typically the same as FUTA filing deadlines.
Employers must also report the withholding of income taxes, Social Security tax, and Medicare taxes on a quarterly basis. These are reported on Form 941, which is due July 31 for Q2 and Oct. 31 for Q3.
Annual Reporting
Nearly every state requires some form of annual reporting. Although the deadline varies from state-to-state, many states base the filing deadline on the business’s formation anniversary. If you have a client who was formed in Q3 or Q4 in the following states, be sure to keep these deadlines on your radar:
Arizona
California
Colorado
Connecticut
Hawaii
Idaho
Illinois
Indiana (every two years)
Louisiana
Missouri
Nevada
New Jersey
New York (every two years)
Oregon
South Dakota
Utah
Virginia
Washington
Wisconsin
Wyoming
In addition, some states base the filing deadline based on the company’s fiscal year, including Kansas, Massachusetts, New Mexico (every two years), North Carolina, Tennessee, and Vermont. If you have a client in these states that operates on a July 1–June 30 model, the annual report deadline is approaching. In addition, two states — Pennsylvania and West Virginia — have a June 30 deadline for filing annual reports.
Other Compliance Obligations
To avoid a last-minute rush at the end of the year, it is advised that businesses review other aspects of their operations as well. Although this may vary from state to state and industry to industry, some areas that may call for a review include seller’s permit renewals, sales and use tax permits, professional certifications, and business and operation licenses, including DBA licenses.
It’s also a good idea to get ahead of end-of-year tasks by conducting an audit of a business’s finances. This may include reconciling accounts receivable and payable, reviewing bank statements, verifying sales tax payments, and ensuring employee benefits are accurate and up to date.
Dissolutions: Before Year End
In some cases, you may have a client who is considering closing their business. If so, you may want to encourage them to get started on the process of dissolution prior to the end of the year. This involves filing Articles of Dissolution in the state in which the client does business; cancelling business permits, licenses and registrations; and notifying the IRS. Corporations are required to file IRS Form 966. It’s best to complete these tasks prior to Dec. 31 to avoid tax obligations and other compliance requirements in the new year.
Ensure Your Clients Remain in Compliance through 2025
Meeting state and federal compliance obligations is essential for the sustained growth and stability of any business. Taking a proactive stance on filing deadlines and other requirements can help ensure your clients remain in good standing. With 2024 nearly halfway over, now is the ideal time to get organized and prepare for the obligation deadlines prior to the year’s end.
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