August 2021 tax and compliance deadlines

It may hot outside, but indoors, we’ve got some “cool” ways you can work with your clients. Welcome to your August 2021 list of tax and compliance deadlines for review.

In August, it’s recommended that you:

• Remind clients of the Sept. 15 estimated tax payment for individuals and calendar-year corporations.
• Remind calendar-year S corporations and partnerships with returns on extension of the Sept. 15 filing deadline.
• Alert clients who are parents of first-year college students about the American Opportunity Tax Credit.

Key Compliance Dates:

Monday, August 2:

• File Form 941, Employer’s Quarterly Federal Tax Return, for the second quarter.
• Deposit FUTA tax owed through June if more than $500.
• File the 2020 Form 5500, Annual Return/Report of Employee Benefit Plan, or Form 5500-EZ, Annual Return of A One-Participant (Owners/Partners and Their Spouses) Retirement Plan or A Foreign Plan, for calendar-year retirement and benefit plans.

Wednesday, August 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 28–30.

Friday, August 6 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 31–August 3.

Tuesday, August 10:

• Tipped employees who received $20 or more in tips during July report them to the employer on Form 4070, Employee’s Report of Tips to Employer.
• File Form 941 for the second quarter of 2020 if tax is deposited in full and on time.

Wednesday, August 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on August 4–6.

Friday, August 13 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on August 7–10.

Monday, August 16 – Monthly depositors deposit FICA and withheld income tax for July.

Wednesday, August 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on August 11–13.

Friday, August 20 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on August 14–17.

Wednesday, August 25 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on August 18–20.

Friday, August 27 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on August 21–24.

Intuit Accountants Resources:

• The August 2021 calendar with filing deadlines and reminders for you and your clients.
• Key tax facts for 2020 and Key tax facts for 2021
• State tax deadlines

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