August 2017 Tax and Compliance Deadlines

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.