May 2023 tax and compliance deadlines

Now that you’re past the April 18 tax filing deadline and created extensions for clients, you can rest a bit before diving into your advisory and client work. Along the way, don’t forget about important tax and compliance deadlines for May 2023. Be sure to share this list with your clients.

In May, it is recommended that you:

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

Tax compliance deadlines:

Monday, May 1—Employers file Form 941, Employers Quarterly Federal Tax Return, for the first quarter of 2023 (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 is 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 2.

Monday, May 8:

• 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 2023 if tax for the quarter was deposited in full and on time.

Wednesday, May 10—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 3-5.

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.
• Social Security, Medicare, and withheld income tax: If the monthly deposit rule applies, deposit the tax for payments made in 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 Accountants Resources:

• The May 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.