Tax Law and News August 2020 tax and compliance deadlines Read the Article Open Share Drawer Share this:Click to share on Twitter (Opens in new window)Click to share on Facebook (Opens in new window)Click to share on LinkedIn (Opens in new window) Written by Intuit Accountants Team Modified Aug 5, 2020 2 min read Whether you’re helping clients prepare for the business filing deadline on Sept. 15, working with your remote team on tax firm issues, or determining how to find new clients, you’ll want to know about important tax and compliance deadlines for August 2020. In August, it’s recommended that you: Remind clients of Sept. 15 estimated tax payment for individuals and calendar-year corporations. Remind calendar-year S corporations and partnerships with returns on extension of Sept. 15 filing deadline. Alert clients who are parents of first-year college students of the American Opportunity tax credit. Key Compliance Dates: Wednesday, Aug. 5 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 29-31. Friday, Aug. 7 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 1-4. Monday, Aug. 10: Tipped employees who received $20 or more in tips during July report them to their employer on Form 4070, Employee’s Report of Tips to Employer. File Form 941, Employer’s Quarterly Federal Tax Return, for the second quarter of 2020 if tax deposited in full and on time. Wednesday, Aug. 12 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 5-7. Friday, Aug. 14 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 8-11. Monday, Aug. 17 – Monthly depositors deposit FICA and withheld income tax for July. Wednesday, Aug. 19 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 12-14. Friday, Aug. 21 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 15-18. Wednesday, Aug. 26 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 19-21. Friday, Aug. 28 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on Aug. 22-25. Intuit® Accountants Resources: The August 2020 calendar with filing deadlines and reminders for you and your clients. Key tax facts for 2020 State tax deadlines As always, visit Intuit Accountants for more information and training resources. Previous Post Why your clients need a mid-year withholding checkup Next Post Health-related benefits under the CARES Act 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 at https://proconnect.intuit.com, or follow us on Twitter @IntuitAccts. More from Intuit Accountants Team Comments are closed. Browse Related Articles Practice Management Top 7 advantages of choosing a firm niche Advisory Services Your firm: Maximizing value over volume Practice Management ProSeries® Tax spotlight: Nayo Carter-Gray, EA, MBA Practice Management Consultant Spotlight: Katherine Weiler Webinars Technology and Your Clients: Dec. 19 Webinars Escalating IRS Correspondence: Dec. 17 Webinars Intuit Hosting Hacks: Dec. 18 Webinars 5 Tips to Automate Tax Season: Dec. 17 Webinars SafeSend + Intuit = Engagement: Dec. 10 Webinars What’s New in ProConnect: Dec. 10