August 2024 tax and compliance deadlines

The wildflowers are in bloom—and spectacular in August. This is the time of year for vacations and a break from you firm, but along the way, don’t forget about these important tax deadlines in August. Be sure to pass this list along to your clients.

In August, it is recommended that you:

• Remind clients of the Sept. 15 estimated tax payment for individuals and calendar-year corporations.
• Remind calendar-year S corporations and partnerships with returns on extension of the Sept. 15 filing deadline.
• Alert clients who are parents of first-year college students of the American Opportunity tax credit.

Key Compliance Dates

Friday, Aug. 2:

• Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 27–30.
• Deposit FUTA tax owed through June if more than $500.
• File 2023 Form 5500 or 5500-EZ for calendar-year retirement and benefit plans.

Wednesday, Aug. 7—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 31–Aug. 2.

Friday, Aug. 9—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 3–6.

Monday, Aug. 12:

• 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 2024 if tax deposited in full and on time.

Wednesday, Aug. 14—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 7–9.

Thursday, Aug. 15—Monthly depositors deposit FICA and withheld income tax for July.

Friday, Aug. 16—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 10–13.

Wednesday, Aug. 21:

• Semiweekly depositors deposit FICA and withheld income tax for Aug. 14–16.
• Social Security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments made in July.

Friday, Aug. 23—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 17–20.

Wednesday, Aug. 28—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 21–23.

Friday, Aug. 30—Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 24–27.

Intuit® Accountant Resources

• The August 2024 calendar with filing deadlines and reminders for you and your clients.
• Intuit Tax Guide 2024
• Tax law changes for tax year 2023
• IRS annual inflation adjustments for tax years 2023 and 2024
• Key Tax Facts for 2024
• Key Tax Facts for 2023-24