The heavy lifting for tax season might be done, but don’t close up your tax folders just because April is over. There are still important compliance deadlines in May. Keep reading for a full list of HR, benefits, payroll, and tax dates of note.
Quick Links
Federal holidays
May 26, 2025
Memorial Day
Most businesses are closed on Memorial Day, so plan your operations accordingly.
Tax and payroll compliance deadlines
Payroll tax deposits (for semi-weekly depositors)
As an employer, you have to file Forms 940 and 941 to deposit payroll taxes at different frequencies throughout the year. How often you file depends on which information returns you use and your past filing history.
If you report more than $50,000 in payroll taxes during the lookback period of July 1, 2023, to June 30, 2024, you’re considered a semi-weekly depositor, which means you follow the schedule 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 |
However, if you accumulate $100,000 or more of tax liability in a single day, the IRS requires you to deposit the amount due by the following business day, regardless of whether you normally deposit on a semi-weekly or monthly basis (more on monthly deposits below).
Read Publication 15 to get more information on federal payroll tax deposits.
Some state and local governments also expect their own deposits for local payroll taxes. To make sure you have the correct deadlines and forms, contact your state and local tax agencies directly.
May 1, 2025
State income taxes due for Virginia businesses
If your business is located in Virginia, your state income taxes are due by May 1. For more information, review Virginia’s state website.
Extended 2024 tax filing deadline for disaster-affected areas
The IRS extended the tax filing deadlines for certain 2024 taxes to May 1 for states that suffered natural disasters in 2024. The May 1 deadline applies to the following states:
- All of Alabama
- Alaska: Juneau County
- All of Florida
- All of Georgia
- New Mexico: Chaves County
- All of North Carolina
- All of South Carolina
- Tennessee: Carter, Claiborne, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Sevier, Sullivan, Unicoi, and Washington counties
- Virginia: Albemarle, Appomattox, Bedford, Bland and Botetourt counties; Bristol City; Buchanan, Buckingham, Carroll and Charlotte counties; Covington City; Craig County; Danville City; Dickenson and Floyd counties; Galax City; Giles, Grayson, Greene, Lee, Madison, Montgomery and Nelson counties; Norton City; Patrick, Pittsylvania and Pulaski counties; Radford City; Roanoke City; Roanoke, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe counties
If your business is in one of the above areas, you have until May 1 to submit the following forms:
- Calendar year 2024 partnership and S Corporation returns (normally due on March 17)
- 2024 individual income tax returns and payments (normally due on April 15)
- Quarterly estimated tax payments (normally due on April 15)
- Calendar year 2024 corporate and fiduciary income tax returns and payments (normally due on April 15)
See the IRS’ updated list of disaster-affected areas here.
May 12, 2025
Employee tip reporting deadline for April
If your employees earn tips, they must report any tips of $20 or more they earned during April. The deadline to report is May 12. Learn more about tip withholding and reporting requirements here.
Form 941 extended filing deadline for people who made timely deposits
All employers with at least one employee have to file Form 941 to report any income taxes, Social Security taxes, or Medicare taxes withheld from their staff’s paychecks and pay their share of payroll taxes every quarter.
The first Form 941 for 2025 and the accompanying payroll tax payment were due on April 30. However, if you made the full deposit for the quarter on time, you automatically get additional time to file the form, which means your new deadline is May 12.
You can e-file through the EFTPS.
May 15, 2025
Payroll tax deposits for monthly depositors
If your business follows the monthly payroll tax deposit schedule (in other words, you reported less than $50,000 in payroll taxes during the lookback period), your tax deposit for April payrolls is due on May 15.
State income taxes due for Louisiana businesses
If you’re a Louisiana business owner, you need to file your state income tax return and pay taxes by May 15. Check out Louisiana’s State Department of Revenue for more information.
Form 8038 filing deadline
If your business issues tax-exempt private activity bonds, you need to file Form 8038 for any bonds issued in the first quarter of 2025 by May 15. You need to 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
For more information on what constitutes a bond and which other forms you may need to file, see the IRS instructions here.
Nonprofit tax returns due
All nonprofit organizations are required to submit an annual tax return reporting their organization’s activities and finances for the year. If you operate on a calendar year, the deadline for filing your 2024 tax return using Form 990 is May 15.
For more information on how to fill out Form 990, along with 990-EZ, 990-PF, 990-N, 990-BL, 990-T 4720, and 8868, review the official instructions on the IRS website.
HR compliance deadlines
May 15, 2025
Quarterly plan statements due to plan participants
If you have a retirement plan for your employees, you’re obligated to send quarterly plan statements to participants with their account balances. The deadline for sending out these documents is 45 days after the end of the quarter, which means the first statements are due May 15.
You should include the following information in the statement:
- The total and vested account balance, as of the last day of the statement period
- The value of each investment in the account
- The dollar amount in fees that have been deducted from the account
- Any limitations or restrictions on the participant’s ability to direct an investment
- A reminder of the importance of a well-balanced investment portfolio in supporting long-term financial security
- A note encouraging employees to visit the Department of Labor’s website for more information on personal investing and diversification
