August 2012 Due Dates
Individual Due Dates
August 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA taxes and income tax withholding 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 be required to pay the uncollected withholding when your return for the year is filed.
Business Due Dates
August 10 - Social Security, Medicare and Withheld Income Tax
File Form 941 for the second quarter of 2012. This due date applies only if you deposited 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.
August 31 – TN Gross Receipts Tax Returns
The content of this transmission does not constitute a professional service nor does it constitute a tax opinion under IRS Circular 230. Always consult with a competent professional service provider for advice on tax, accounting, and other financial matters specific to your situation. If you wish to engage our firm for this purpose, please contact our office.
