May 2024 tax and compliance deadlines Vertical

May 2024 tax and compliance deadlines

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Welcome to May’s tax and compliance deadlines—and congratulations on making it thought another busy season. It’s time to put your feet up, relax, and maybe take some time off. However, don’t forget about some important tax deadlines in May, and be sure to pass this list along to your clients.

Note: The May PDFs of the tax and compliance deadlines has a heading of “May 2023,” but these dates are for May 2024.

In May, it is recommended that you:

  • Conduct a post-season review.
  • Evaluate tax software.
  • Remind individual clients of the June 17 estimated tax payment.
  • Alert clients who need to file amended returns.

Key Compliance Dates

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

Friday, May 3—Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 27-30.

Wednesday, May 8—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 1-3.

Friday, May 10:

  • 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, Employer’s Quarterly Federal Tax Return, for the first quarter of 2024 if tax for the quarter was deposited in full and on time.
  • Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 4-7.

Wednesday, May 15:

  • Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 9-11.
  • 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.

Friday, May 17—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 11-14.

Wednesday, May 22—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 15-17.

Friday, May 24—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 18-21.

Wednesday, May 29—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 22-24.

Friday, May 31—Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 25-28.

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