August 2022: The Small Business Owner’s HR, Benefits, Payroll, and Tax Compliance Deadlines￼
With many of the year’s tax deadlines come and gone, August may feel like a much-needed rest for you and your HR team. But don’t let this respite lull you into a sense of false security. With next month’s tax, payroll, and benefits deadlines all laid out for you below, you won’t miss a beat.
There are no federal holidays in August, so it’s full steam ahead until September.
Tax and payroll compliance deadlines
Federal payroll tax deposits due (for semi-weekly depositors)
If you are an employer, one of your many responsibilities include depositing federal payroll taxes with the Internal Revenue Service (IRS) on a regular basis.
Most companies will follow either a semi-weekly or monthly deposit schedule. Unsure which schedule to follow? First determine how much you withheld in federal income and FICA taxes (also known as Social Security and Medicare taxes) during the 12-month lookback period. This year, the lookback period runs from July 1, 2020 and June 30, 2021.
If your company reported over $50,000 in payroll taxes during the lookback period, follow the semi-weekly deposit schedule outlined below:
|If payday for your employees is on…||Deposit employment taxes by…|
|Wednesday||The following Wednesday|
|Thursday||The following Wednesday|
|Friday||The following Wednesday|
|Saturday||The following Friday|
|Sunday||The following Friday|
|Monday||The following Friday|
|Tuesday||The following Friday|
If your tax liability fell below the $50,000 threshold (or if you are a new employer in the first calendar year of your business), follow the monthly deposit schedule below instead.
To deposit your payments, use the IRS Electronic Federal Tax Payment System (EFTPS). Make sure to send them in on time, however, or you may find yourself paying an additional fine of up to 15%.
For more information on payroll taxes and deposit schedules, read IRS Publication 15.
August 10, 2022
Form 4070 due to employers
Form 4070 is used by employees to disclose tip income to their employers. Employees that received over $20 in tip income during the month of July must report the amount by August 10, 2022.
Do I Need Payroll Software for My Small Business?Finances and Taxes
August 15, 2022
Federal payroll tax deposits due (for monthly depositors)
Employers that reported less than $50,000 in payroll taxes during the lookback period, had no employees during that time (in which case they had a tax liability of $0), or are in their first year of business follow a monthly deposit schedule.
If you’re a monthly depositor, your federal payroll tax deposit for the month of July is due on August 15, 2022. Just like semi-weekly depositors, submit your tax payments through the EFTPS.
August 31, 2022
Extended tax deadline for New Mexico natural disaster victims
Taxpayers affected by the New Mexico wildfires and straight-line winds that started on April 5, 2022 have until August 31, 2022 to file their federal personal or business tax returns and make any related tax payments.
This tax relief extends to individuals, households, and businesses located in the following counties:
- San Miguel
For further guidance, refer to this news release from the IRS.
HR compliance deadlines
August 1, 2022
Remind employees about dependent benefits
The arrival of August means that school starts back up again for many families with children. This means that the beginning of the month is a great time to remind your staff about taking advantage of dependent benefits such as back-to-school physicals.
August 14, 2022
Second quarterly benefits statement furnished to participants
Companies that offer participant-directed retirement plans to their employees must also deliver benefit statements to plan participants on a quarterly basis (at minimum).
The second quarterly benefits statement for the 2022 plan year, as well as a statement of plan fees and expenses charged to the participant’s plan account during the quarter, must be furnished to participants by August 14, 2022. To remain compliant, these documents must be sent out within 45 days of the end of the previous quarter. But although August 14 lands on a Sunday this year, there is no explicit guideline that allows for the deadline to be extended to the following business day (as is the practice for many tax deadlines). Take special care to stay ahead of the deadline this year to avoid any potential penalties.