Featured Articles for July 2023
Verifying Your Identity When Calling the IRS Is Your College Student’s Scholarship Taxable? What To Know About Reverse Mortgages Small Business Financing: Securing a Loan Tax TipsTips for Taxpayers With Hobby Income
QuickBooks Tips5 Things To Do Every Time You Open QuickBooks
Tax Due DatesJuly 10Employees Who Work for Tips – If you received $20 or more in tips during June, report them to your employer. You can use Form 4070. July 17Employers – Nonpayroll withholding. If the monthly deposit rule applies, deposit the tax for payments in June. Employers – Social Security, Medicare, and withheld income tax. If the monthly deposit rule applies, deposit the tax for payments in June. July 31Employers – Federal unemployment tax. Deposit the tax owed through June if more than $500. Employers – If you maintain an employee benefit plan, such as a pension, profit sharing, or stock bonus plan, file Form 5500 or 5500-EZ for calendar year 2022. If 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. Certain Small Employers – Deposit any undeposited tax if your tax liability is $2,500 or more for 2023 but less than $2,500 for the second quarter. Employers – Social Security, Medicare, and withheld income tax. File Form 941 for the second quarter of 2023. Deposit any undeposited tax. (If your tax liability is less than $2,500, you can pay it in full with a timely filed return.) If you deposited the tax for the quarter in full and on time, you have until August 10 to file the return. Click here to read the rest of the newsletter. Please call us at (727) 785-5228 if you have any questions. Sean Davis CPA PA |
