May 2018 Tax and Compliance Deadlines

Tax Law and News solo tax practitioner

Now that you’re past the crunch of tax season, you can take a breather … but only for a short while! Here’s a list of this month’s important tax and compliance deadlines.

In May, it is recommended that you:

  • Conduct post-season review.
  • Evaluate tax software.
  • Remind individual clients of the June 15 estimated tax payment.
  • Alert clients who need to file amended returns.

Key Compliance Dates:

Tuesday, May 1:

  • Employers file Form 941, Employer’s Quarterly Federal Tax Return, for the first quarter of 2018 (if tax for the quarter was deposited in full and on time, file by May 10).
  • Employers deposit federal unemployment tax owed through March if more than $500.

Wednesday, May 2 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 25-27.

Friday, May 4 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on April 28-May 1.

Wednesday, May 9 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 2-4.

Thursday, May 10:

  • Tipped employees who received $20 or more in tips during April report them to the employer on Form 4070, Employee’s Report of Tips to Employer.
  • Employers file Form 941 for the first quarter of 2018 if tax for the quarter was deposited in full and on time.

Friday, May 11 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 5-8.

Tuesday, May 15 – Monthly depositors deposit FICA and withheld income tax for April.

Wednesday, May 16 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 9-11.

Friday, May 18 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 12-15.

Wednesday, May 23 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 16-18.

Friday, May 25 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 19-22.

Wednesday, May 30 – Semiweekly depositors deposit FICA and withheld income tax on wages paid on May 23-25.

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