Ah, the dog days of summer! Whether you’re taking some well-deserved time off or spending your days catching up with clients, it’s always a good idea to pay attention to important tax and compliance deadlines in August. Here’s a list for your review.
In August, it is recommended that you:
- Remind clients of Sept. 15 estimated tax payment for individuals and calendar-year corporations.
- Remind calendar-year corporations with returns on extension of Sept. 15 filing deadline.
- Alert clients who are parents of first-year college students of the American Opportunity tax credit.
Key Compliance Dates:
Wednesday, Aug. 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 26-28.
Friday, Aug. 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 29-Aug. 1.
Wednesday, Aug. 9 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 2-4.
Thursday, Aug. 10
- Tipped employees who received $20 or more in tips during July report them to the employer on Form 4070, Employee’s Report of Tips to Employer.
- File Form 941, Employer’s Quarterly Federal Tax Return, for the second quarter of 2017 if tax deposited in full and on time.
Friday, Aug. 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 5-8.
Tuesday, Aug. 15 – Monthly depositors deposit FICA and withheld income tax for July.
Wednesday, Aug. 16 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 9-11.
Friday, Aug. 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 12-15.
Wednesday, Aug. 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 16-18.
Friday, Aug. 25 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 19-22.
Wednesday, Aug. 30 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 23-25.
Intuit® ProConnect™ Resources:
- The August 2017 Calendar with filing deadlines and reminders for you and your clients
- Key Tax Facts for the 2016 Return and Key Tax Facts for 2017
- New Tax Law Changes for 2016 and New Tax Developments for 2017 and Beyond
As always, visit Intuit ProConnect for more information and training resources.
