August Tax Due Dates

Yes, there are August tax due dates. You would think you would get a break for the summer? We hate to say it, but think again. Read below for what a person’s or business’ tax responsibility may be for the month of August.

August Tax Due Dates

August Tax Due Dates for an Individuals

August 10 – Report Tips to Employer

Are you an employee who works for tips? Did you receive more than $20 in tips during July? Then you must report the tips to your employer on IRS Form 4070 no later than August 10. Your employer has to withhold FICA and income taxes for these tips from your regular wages. If your regular wages are insufficient to cover the FICA and tax withholding, the employer will report the amount of the uncollected withholding in box 12 of your W-2 for the year. You will need to pay the uncollected withholding when your return for the year is filed.
Aside from what was mentioned above, there are no other tax due dates for individuals during August.

August Tax Due Dates for a Business

August 1 – Self-Employed Individuals with Pension Plans 

If you have a pension or profit-sharing plan, this is the final due date for filing Form 5500 or 5500-EZ for calendar year 2015.

August 1 – Social Security, Medicare and Withheld Income Tax

File Form 941 for the second quarter of 2016. Deposit or pay any undeposited tax under the accuracy of deposit rules. Is your tax liability less than $2,500? You can pay it in full with a timely filed return. If you deposit the tax for the quarter in full and on time, you have until August 10 to file the return.

August 1 – Certain Small Employers

Deposit any tax money you are holding on to. Especially, if your tax liability is $2,500 or more for 2016 but less than $2,500 for the second quarter.

August 1 – Federal Unemployment Tax

Deposit the tax owed through June if it was more than $500.

August 1 – All Employers

If you maintain an employee benefit plan, file Form 5500 or 5500-EZ for calendar year 2015. Such plans include a pension, profit-sharing, or stock bonus plan. When you use a fiscal year as your plan year, file the form by the last day of the seventh month after the plan year-ends.

August 10 – Social Security, Medicare and Withheld Income Tax

File Form 941 for the second quarter of 2016. This due date applies only when you deposit the tax for the quarter in full and on time.

August 15 – Social Security, Medicare and Withheld Income Tax

If the monthly deposit rule applies, deposit the tax for payments in July.

August 15 – Non-Payroll Withholding

If the monthly deposit rule applies, deposit the tax for payments in July.

Did you miss the tax deadlines for May and June?

There is usually a deadline every month that may apply to someone. See the links below just to be on the safe side.

Did you know that Congress did something right, and has made some  deadline changes for the year? You may want to look into them.

Do all these forms confuse you?

Do you have any questions about all of this? Call Alex Franch, BS EA at 781.849.7200. He can answer any questions you may have. Alex is an enrolled agent with the IRS. He can guide you through the reporting deadlines that may apply to you or your business.

Sources and Resources:

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