August 2023: The Small Business Owner’s HR, Benefits, Payroll, and Tax Compliance Deadlines

Paige Smith

August is a fairly light month as far as compliance deadlines and paperwork, but there are still some key dates you should mark in your calendar. Keep reading for the full breakdown. 

Federal holidays

There are no federal holidays in August. 

Tax and payroll compliance deadlines

Payroll tax deposits (for semi-weekly depositors)

The Internal Revenue Service (IRS) requires employers who file Forms 940 and 941 to deposit payroll taxes at different frequencies throughout the year. 

If you report more than $50,000 in payroll taxes during the lookback period of July 1, 2021 to June 30, 2022, you’re considered a semi-weekly depositor and must follow the schedule below:

If payday for your employees is on…Deposit employment taxes by…
WednesdayThe following Wednesday
ThursdayThe following Wednesday
FridayThe following Wednesday
SaturdayThe following Friday
SundayThe following Friday
MondayThe following Friday
TuesdayThe following Friday

However, if you accumulate $100,000 or more of tax liability in a single day, the IRS says you must deposit the amount by the following business day, regardless of whether you normally deposit on a semi-weekly or monthly basis (more on monthly deposits below).

To learn more about federal payroll tax deposits, read Publication 15

Keep in mind that some state and local governments that collect payroll taxes will also expect their own deposits, and those deadlines may be different from the federal ones. For more information, contact your state and local tax agencies directly. 

August 10, 2023

Employee tip reporting deadline for July 

Your employees are required to report to you any tips of $20 or more that they earned during the month of July. You can learn more about tip withholding and reporting requirements here

Form 941 extended filing deadline for people who made timely deposits 

If you have at least one employee, you have to file Form 941 to report any income taxes, Social Security taxes, or Medicare taxes withheld from your staff’s paychecks—and pay their share of payroll taxes every quarter. 

The second Form 941 for 2023 and the accompanying payroll tax payment were due on July 31. However, if you made the full deposit for the quarter on time, you automatically get additional time (10 days) to file the form. That means Form 941 is due August 10 if you made the full quarterly deposit on time. You can e-file through the EFTPS.

Keep in mind that if your business is in one of the FEMA-designated disaster areas in California, Alabama, or Georgia, you have until October 16, 2023 to make these payments.

August 15, 2023

Payroll tax deposits for monthly depositors

If your company follows the monthly payroll tax deposit schedule (meaning that you reported less than $50,000 in payroll taxes during the lookback period), then your tax deposit for July payrolls is due on August 15. 

Form 8038 filing deadline for tax-exempt private activity bonds

If your business issues tax-exempt private activity bonds, you have to file Form 8038 for bonds issued in the second quarter of 2023 by August 15. Per the IRS, you have to file Form 8038 by the 15th day of the second calendar month after the close of the calendar quarter in which the bond was issued. Forms 8038-B, 8038-G, and 8038-TC are also due at this time. 

Make sure you file a separate form for each issue of the following tax-exempt private activity bonds issued after 1986:

  • Exempt facility bonds
  • Qualified mortgage bonds
  • Qualified veterans’ mortgage bonds
  • Qualified small issue bonds
  • Qualified student loan bonds
  • Qualified redevelopment bonds
  • Qualified hospital bonds
  • Qualified 501(c)(3) bonds
  • Nongovernmental output property bonds
  • All other tax-exempt private activity bonds

Send your forms to the following address:

Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201

August 31, 2023

Form 730 filing deadline

You have to file Form 730, the monthly tax return for wagers, if you accepted wagers during July and meet the following criteria:

  • are in the business of accepting wagers
  • conduct a wagering pool or lottery
  • are required to be registered and received wagers for or on behalf of another person, but did not report that person’s name and address

You also have to pay taxes on these wagers. Learn more about Form 730 here.

Form 2290 filing deadline for vehicles first used in July

If you’ve registered a heavy highway motor vehicle (with a taxable gross weight of 55,000 pounds or more) that was first used in July 2023, you have to file Form 2290 by August 31. 

Per the IRS, you must file the form by the last day of the month following the month in which you first used the vehicle on a public highway. To learn more about Form 2290, review the IRS’ instructions and information.

HR compliance deadlines

August 1, 2023

Remind employees about dependent benefits

August typically marks the start of the school year for families with children. If your employees have kids, it’s a great time to remind your employees to take advantage of any dependent benefits they have, like back-to-school physicals.  

August 14, 2023

Deadline to furnish second quarterly benefits statement to participants

If your business offers participant-directed retirement plans to your employees, you have to deliver benefit statements to plan participants on a quarterly basis (at minimum). These documents are due within 45 days of the end of the previous quarter.

That means the second quarterly benefits statement, as well as a statement of plan fees and expenses charged to the participant’s plan account during the quarter, is due to participants by August 14. 

Paige Smith Paige is a content marketing writer specializing in business, finance, and tech. She regularly writes for a number of B2B industry leaders, including fintech companies and small business lenders. See more of her work here:
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