August 2022 tax and compliance deadlines

While it may be 100 degrees in the shade, cool off with our monthly list of important tax and compliance deadlines for Aug. 2022. Here they are; be sure to share the list with your clients.

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. 
• Follow up with clients to see if second-quarter income tax estimates have been paid.

Key Compliance Dates:

Monday, Aug. 1:

• File Form 941, Employer’s Quarterly Federal Tax Return, for the second quarter of 2022 (if tax deposited in full and on time, file by Aug. 10).
• Deposit FUTA tax owed through June if more than $500.
• File 2021 Form 5500, Annual Return/Report of Employee Health Plan, or 5500-EZ, Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan) 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:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 3-5.
• File Form 941 for the second quarter of 2022 if you deposited the tax for the quarter timely, properly, and in full.
• 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.

Friday, Aug. 12—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 6-9.

Monday, Aug. 15—Social Security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments made in 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. 24-26.

Intuit Accountants Resources:

• The August 2022 calendar with filing deadlines and reminders for you and your clients.
• IRS annual inflation adjustments for tax years 2021 and 2022.
• Key tax facts for 2021 and Key tax facts for 2022.

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