August 2018 Tax and Compliance Deadlines

All over the country, tax and accounting firms are assessing the impact of the Tax Cuts and Jobs Act, finishing extensions and preparing for tax year 2018. Here’s a list of this month’s important tax and compliance deadlines.

In August, it is recommended that you:

• Remind clients of the Sept. 17 estimated tax payment for individuals and calendar-year corporations.
• Remind calendar-year corporations and partnerships with returns on extension of the Sept. 17 filing deadline.
• Alert clients who are parents of first-year college students of the American Opportunity tax credit.

Key Compliance Dates:

Wednesday, Aug. 1– Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 25-27.

Friday, Aug. 3 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 28-31.

Wednesday, Aug. 8 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 1-3.

Friday, Aug. 10:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 4-7.
• 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 2018 if tax deposited in full and on time.

Wednesday, Aug. 15:

• Monthly depositors deposit FICA and withheld income tax for July.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 8-10.

Friday, Aug. 17 – Semiweeklydepositors deposit FICA and withheld income tax on wages paid on Aug. 11-14.

Wednesday, Aug. 22 – Semiweeklydepositors deposit FICA and withheld income tax on wages paid on Aug. 15-17.

Friday, Aug. 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 18-21.

Wednesday, Aug. 29 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 22-24.

Friday, Aug. 31 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 25-28.

Intuit® ProConnect™ Resources:

• The August 2018 Calendar with filing deadlines and reminders for you and your clients
• Key Tax Facts for 2017 and Key Tax Facts for 2018
• New Tax Developments for 2017 and Beyond and 5 Key Tax Changes for Your Clients in 2018

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