August 2016 Tax and Compliance Deadlines

As summer winds down, it’s time to begin preparing for the fall. Get up to speed on key compliance dates and what you need to tell your clients.

In August, it is recommended that you:

• Remind clients of the 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:

• Monday, Aug. 1 – Deposit FUTA tax owed through June, if more than $500. File Form 941 for the second quarter of 2016 (If tax deposited in full and on time, file by Aug. 10). File 2015 Form 5500 or 5500-EZ for calendar-year retirement and benefit plans.
• Wednesday, Aug. 3 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 27-29.
• Friday, Aug. 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 30-Aug. 2.
• Wednesday, Aug. 10 – Tipped employees who received $20 or more in tips during July report them to the employer on Form 4070. File Form 941 for the second quarter of 2016 if tax deposited in full and on time. Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 3-5.
• Friday, Aug. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 6-9.
• Monday, Aug. 15 – Monthly depositors deposit FICA and withheld income tax for July.
• Wednesday, Aug. 17 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 10-12.
• Friday, Aug. 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 13-16.
• Wednesday, Aug. 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 17-19.
• Friday, Aug. 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 20-23.
• Wednesday, Aug. 31 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 24-25.

Intuit Resources:

• The August 2016 Tax Guide with filing deadlines and reminders for you and your clients.
• Key Tax Facts for 2016
• New Tax Law Changes for 2016

As always, visit Intuit® ProConnect™ for more information and training resources.