June 2016 Tax and Compliance Deadlines

>It’s June, so that means longer days, the kids are in camp and it’s time for you to focus on your practice. Get up to speed on key compliance dates and what you need to tell your clients.

In June, it is recommended that you:

• Review tax law changes for 2016.
• Schedule much-needed R&R.

Key Compliance Dates:

• Thursday, June 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 25–27.
• Friday, June 3 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 28-31.
• Wednesday, June 8 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on June 1-3.
• Friday, June 10 – Tipped employees who received $20 or more in tips during May report them to the employer on Form 4070 (in Publication 1244, Employee’s Daily Record of Tips and Report to Employer). Semiweekly depositors deposit FICA and withheld income tax on wages paid on June 4-7.
• Wednesday, June 15 – Monthly depositors deposit FICA and withheld income tax for May. Semiweekly depositors deposit FICA and withheld income tax on wages paid June 8-10. Individuals and calendar-year corporations pay second installment of 2016 estimated tax. Individuals outside the U.S. file Form 1040 for 2015. For automatic four-month extension, file Form 4868.
• Friday, June 17 – Semiweekly depositors deposit FICA and withheld income tax on wages paid June 11-14.
• Wednesday, June 22 – Semiweekly depositors deposit FICA and withheld income tax on wages paid June 15-17.
• Friday, June 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid June 18-21.
• Wednesday, June 29 – Semiweekly depositors deposit FICA and withheld income tax on wages paid June 22-24.

Intuit resources:

• The June 2016 Calendar with filing deadlines and reminders for you and your clients.
• New Tax Law Changes for 2016
• Key Tax Facts for the 2016 Return

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