May 2017 Tax and Compliance Deadlines

Congratulations on making it though yet another tax season! Although filing returns and extensions may be over for now, there are some important compliance deadlines for you and your clients’ attention. Here’s a list for review.

In May, it is recommended that you:

• Conduct a post-season review.
• Evaluate tax software.
• Remind individual clients of June 15 estimated tax payment.
• Alert clients who need to file amended returns.

Key Compliance Dates:

• Monday, May 1:
  • Employers file Form 941 for the first quarter of 2017 (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 3 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 26-28.
• Friday, May 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 29-May 20.
• Wednesday, May 10:
  • Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 3-5.
  • Tipped employees who received $20 or more in tips during April report them to the employer on Form 4070, Employee’s Report of Tips to Employer.
  • Employers file Form 941 for the first quarter of 2017 if tax for the quarter was deposited in full and on time.
• Friday, May 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 6-9.
• Monday, May 15 – Monthly depositors deposit FICA and withheld income tax for April.
• Wednesday, May 17 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 10-12.
• Friday, May 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 13-16.
• Wednesday, May 24 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 17-19.
• Friday, May 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 20-23.

Intuit® ProConnect™ Resources:

• The May 2017 Calendar with filing deadlines and reminders for you and your clients.
• Key Facts for the 2016 Return
• New Tax Law Changes for 2016

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