Tax Law and News May 2022 tax and compliance deadlines Read the Article Open Share Drawer Share this: Click to share on X (Opens in new window) X Click to share on Facebook (Opens in new window) Facebook Click to share on LinkedIn (Opens in new window) LinkedIn Written by Intuit Accountants Team Modified Apr 12, 2022 2 min read Congratulations! You did it! Now that you’ve made it past busy season, it’s time to take some time to reflect on your successes—and plan for the future. While you’re doing that, don’t forget about some important tax and compliance deadlines for May 2022. In May, it’s recommended that you: Conduct a post-season review. Evaluate your tax software. Remind individual clients of the June 15 estimated tax payment. Alert clients who need to file amended returns. Key Compliance Dates: Monday, May 2: Employers file Form 941, Employer’s Federal Quarterly Return, for the first quarter of 2022 (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 it was 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 2. Tuesday, May 10: Tipped employees who received $20 or more in tips during April report them to the\r employer on Form 4070, Employee’s Report of Tips to Employer. Employers file Form 941 for the first quarter of 2022 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 3–5. Friday, May 13—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 6–8. 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 9–11. Friday, May 20—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 12–14. Wednesday, May 25—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 15–17. Friday, May 27—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 18–20. Intuit Accountants Resources: The May 2022 calendar with filing deadlines and reminders for you and your clients. Key tax facts for 2021 As always, visit Intuit Accountants for more information and training resources. Previous Post In stability we trust: Cryptocurrencies provide inflation-beatable yields Next Post What to tell clients about amended returns Written by Intuit Accountants Team The Intuit® Accountants team provides ProConnect™ Tax, Lacerte® Tax, ProSeries® Tax, and add-on software and services to enable workflow for its customers. Visit us online or follow us on X, Instagram, Facebook, and LinkedIn. More from Intuit Accountants Team Comments are closed. Browse Related Articles Practice Management Optimizing your firm for hybrid and remote work Grow your practice Scale your firm, your way Advisory Services Modern marriage issues: Postnup agreements Tax Law and News One Big Beautiful Bill summary and tax changes Webinars AI: Boost Productivity & Client Relationships—July 14 Workflow tools Impact of CRM, portal, and PM software Tax Law and News Potential tax benefits for homeowners Practice Management 5 tips to prepare for the business extension deadline Practice Management “Deduct This! with Carrie and Lexi” podcast launches Webinars Automate & Secure Intuit Docs With SmartVault—July 22