May 2016 Tax and Compliance Deadlines

Now that tax season is finished, it’s time to organize your office and get ready for long-term planning. Get up to speed on key compliance dates and what you need to tell your clients.

In May, I recommended that you:

• Conduct post-season review.
• Evaluate tax software.
• Remind individual clients of June 16 estimated tax payment.
• Alert clients who need to file amended returns.

Key Compliance Dates:

• Monday, May 2 – Employers file Form 941 for the first quarter of 2016 (if tax for the quarter was deposited in full and on time file by May 10) Employers deposit federal unemployment tax owed through March if more than $500.
• Wednesday, May 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 27–29.
• Friday, May 6 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 30–May 3.
• Tuesday, May 10: Tipped employees who received $20 or more in tips during April report them to the employer on Form 4070. Employers file Form 941 for the first quarter of 2016 if tax for the quarter was deposited in full and on time.
• Wednesday, May 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 4–6.
• Friday, May 13 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 7–10.
• Monday, May 16 – Monthly depositors deposit FICA and withheld income tax for April.
• Wednesday, May 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 11–13.
• Friday, May 20 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 14–17.
• Wednesday, May 25 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 18–20.
• Friday, May 27 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 21–24.

Intuit resources:

• The May 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.