June 2023 tax and compliance deadlines

Now that it’s June and we’re well past busy season, it’s time to turn your attention to reviewing your practice’s services and deciding your path for the rest of the year. Along the way, don’t forget about important tax and compliance deadlines for June 2023. Be sure to share this list with your clients.

In June, it is recommended that you:

• File returns or extensions for taxpayers abroad.
• Review tax law changes for 2023.
• Review tax plans for 2nd quarter estimates for individuals and businesses.

Tax compliance deadlines:

Thursday, June 1—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 24-26.

Friday, June 2—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 27-30.

Wednesday, June 7—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 31-June 2.

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

Monday, June 12—Tipped employees who received $20 or more in tips during May report them to the employer on Form 4070, Employee’s Daily Record of Tips and Report to Employer.

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

Thursday, June 15:

• Individuals. If you’re a U.S. citizen or resident alien living and working (or on military duty) outside the United States and Puerto Rico, file Form 1040 or Form 1040-SR, and pay any tax, interest, and penalties due. Otherwise, see “Individuals” under April 18 in April 2023 Tax and Compliance Deadlines. If you want additional time to file your return, file Form 4868, Application of Automatic Extension of Time to File U.S. Individual Tax Return, to obtain four additional months to file and pay what you estimate you owe in tax to avoid penalties and interest. Then, file Form 1040 or Form 1040- SR by October 16. However, if you’re a participant in a combat zone, you may be able to further extend the filing deadline. See Publication 3, Armed Forces’ Tax Guide.
• Individuals. Make a payment of your 2023 estimated tax if you’re not paying your income tax for the year through withholding (or won’t pay in enough tax that way). Use Form 1040-ES. This is the second installment date for estimated tax in 2023. For more information, see Publication 505, Tax Withholding and Estimated Tax.
• Corporations. Deposit the second installment of estimated income tax for 2023. A worksheet, Form 1120-W, Estimated Tax for Corporations, is available to help you estimate your tax for the year. Note: Form 1120-W is no longer being updated by the IRS; the linked form may be used as a worksheet or guideline.
• Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in May.
• Semiweekly depositors deposit FICA and withheld income tax on wages paid June 7-9.

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

Thursday, June 22—Semiweekly depositors deposit FICA and withheld income tax on wages paid June 14-16.

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

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

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

Intuit Accountants Resources

• The June 2023 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 2022 and Key Tax Facts for 2023-24.