July 2023 tax and compliance deadlines

Ah, July. The air is filled with fireflies, fireworks, and fun. While you’re celebrating and honoring our country and having quality time with your family, friends, and neighbors, don’t forget about important tax and compliance deadlines for July 2023. Be sure to share this list with your clients.

In July, it is recommended that you:

• Alert clients to 2023 mid-year tax planning opportunities.
• Schedule Continuing Professional Education for 2023.
• Follow up with clients on outstanding items to finalize tax returns.

Tax compliance deadlines:

Thursday, July 6—Semiweekly depositors deposit FICA and withheld income tax on wages paid on June 28-June 30.

Friday, July 7—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 1-4.

Monday, July 10—Tipped employees who received $20 or more in tips during June report them to the employer on Form 4070, Employee’s Report of Tips to Employer.

Wednesday, July 12—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 5-7.

Friday, July 14—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 8-11.

Monday, July 17:

• Monthly depositors deposit FICA and withheld income tax for June.
• Social security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments made in June.

Wednesday, July 19—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 12-14. 

Friday, July 21—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 15-18. 

Wednesday, July 26—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 19-21. 

Friday, July 28—Semiweekly depositors deposit FICA and withheld income tax on wages paid on July 22-25. 

Monday, July 31:

• File Form 941, Employer’s Quarterly Federal Tax Return, for second quarter of 2023 (if tax deposited in full and on time, file by August 10).
• Deposit FUTA tax owed through June if more than $500. File 2023 Form 5500 or 5500-EZ for calendar-year retirement and benefit plans.

Intuit Accountants Resources

• The July 2023 calendar with filing deadlines and reminders for you and your clients.
• Tax law changes for tax year 2023.
• IRS annual inflation adjustments for tax years 2021 and 2022.
• Key Tax Facts for 2022 and Key Tax Facts for 2023-24.