Tax Law and News August 2020 tax and compliance deadlines Read the Article Open Share Drawer Share this: Share on X (Opens in new window) X Share on Facebook (Opens in new window) Facebook Share on LinkedIn (Opens in new window) LinkedIn Written by Intuit Accountants Team Modified Aug 5, 2020 2 min read 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. Previous Post Why your clients need a mid-year withholding checkup Next Post Health-related benefits under the CARES Act Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us online or follow us on X, Instagram, Facebook, and LinkedIn. More from Intuit Accountants Team Comments are closed. Browse Related Articles Practice Management End of season really bad Dad jokes, vol. 2 Workflow tools In the Know: Books Close in Intuit Accountant Suite Advisory Services Don’t assume your clients’ children will retain you Advisory Services Forecast your tax firm’s CAS revenue—instantly Tax Law and News Extensions can be a tax-planning tool: Here’s how Tax Law and News Ética: mejores prácticas y límites con los clientes Tax Law and News Ethics: Best practices and client boundaries Client Relationships 12 tips to reduce client avoidance, anxiety, and procrastination Workflow tools Best tax software for busy season Practice Management Take a break: Listen to “Deduct This! with Carrie and Lexi”