August 2016 tax compliance calendar

As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important federal tax reporting and filing data for individuals, businesses and other taxpayers for the month of August 2016.

August 1

Employers. File Form 941, Employer’s Quarterly Federal Tax Return, for the second quarter of 2016 and deposit and pay any tax due.

Employers. Deposit federal unemployment tax if liability through June 30 exceeds $500.

Employers. Deposit any undeposited tax if liability is $2,500 or more for 2016 but less than $2,500 for the second quarter.

Employers. File Form 720 for the second quarter to report and pay liability.

Employers who maintain employee benefit plan. File Form 5500 or 5500-EZ for calendar year 2015.

August 3

Employers. Semi-weekly depositors must deposit employment taxes for Jul 27–Jul 29.

August 5

Employers. Semi-weekly depositors must deposit employment taxes for Jul 30–Aug 2.

August 10

Employers who deposited quarterly employment tax timely. File Form 941 for the second quarter of 2016 if the second quarter employment taxes were previously deposited timely, properly and in full.

Employers. Semi-weekly depositors must deposit employment taxes for Aug 3–Aug 5.

Employees who work for tips. Employees who received $20 or more in tips during July must report them to their employer using Form 4070.

August 12

Employers. Semi-weekly depositors must deposit employment taxes for Aug 6–Aug 9.

August 15

Employers. For those to whom the monthly deposit rule applies, deposit employment taxes and nonpayroll withholding for payments in July.

August 17

Employers. Semi-weekly depositors must deposit employment taxes for Aug 10–Aug 12.

August 19

Employers. Semi-weekly depositors must deposit employment taxes for Aug 13–Aug 16.

August 24

Employers. Semi-weekly depositors must deposit employment taxes for Aug 17–Aug 19.

August 26

Employers. Semi-weekly depositors must deposit employment taxes for Aug 20–Aug 23.

August 31

Employers. Semi-weekly depositors must deposit employment taxes for Aug 24–Aug 26.

September 2

Employers. Semi-weekly depositors must deposit employment taxes for Aug 27–Aug 30.

September 8 

Employers. Semi-weekly depositors must deposit employment taxes for Aug 31–Sep 2.

 

Written by

Steve Moss, CPA is a partner at Holden Moss CPAs and loves helping businesses and their owners grow to be the very best they can be. Our other offices include Raleigh, Oxford and Warrenton. We are a little different at Holden Moss CPAs. While we still provide traditional tax and accounting services, years ago we realized many clients wanted help in running their businesses and were hungry for ideas, solutions, strategy, and execution. In response, we expanded our skill set and joined Ran One, a global network of business consulting firms. Our membership with Ran One gives us access to proprietary resources and analytical software to help our clients grow, become more profitable and valuable, and have the lifestyle they desire. Now, blended into the fabric of our normal tax and accounting needs, we are focused on our clients’ businesses in a very different way. While our approach is not right for everyone, for those whom it is, incredible results may be obtained. Whether you have a new, or established, business, or for those in transition of selling or retiring, or for those who simply need to develop an exit strategy or succession plan, our unique approach to client service may be the edge you need.

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