August 2020 tax and compliance deadlines

Whether you’re helping clients prepare for the business filing deadline on Sept. 15, working with your remote team on tax firm issues, or determining how to find new clients, you’ll want to know about important tax and compliance deadlines for August 2020.

In August, it’s recommended that you:

• Remind clients of Sept. 15 estimated tax payment for individuals and calendar-year corporations.
• Remind calendar-year S corporations and partnerships 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. 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 29-31.

Friday, Aug. 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 1-4.

Monday, Aug. 10:

• Tipped employees who received $20 or more in tips during July report them to their 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 2020 if tax deposited in full and on time.

Wednesday, Aug. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 5-7.

Friday, Aug. 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 8-11.

Monday, Aug. 17 – Monthly depositors deposit FICA and withheld income tax for July.

Wednesday, Aug. 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 12-14.

Friday, Aug. 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 15-18.

Wednesday, Aug. 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 19-21.

Friday, Aug. 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 22-25.

Intuit® Accountants Resources:

• The August 2020 calendar with filing deadlines and reminders for you and your clients.
• Key tax facts for 2020
• State tax deadlines

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