July 2025: Upcoming Tax Due Dates
Sarah B
July 10
Individuals - Report June tip income of $20 or more to employers (Form 4070).
July 15
Employers - Deposit nonpayroll withheld income tax for June if the monthly deposit rule applies.
Employers - Deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies.
July 31
Employers - File a 2024 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension.
Employers - Report Social Security and Medicare taxes and income tax withholding for second quarter 2025 (Form 941) and pay any tax due if all of the associated taxes due weren’t deposited on time and in full.
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December 15 Calendar-year corporations: Pay the fourth installment of 2025 estimated income taxes, completing Form 1120-W for the corporation’s records. Employers: Deposit Social Security, Medicare and withheld income taxes for November if the monthly deposit rule applies. Employers: Deposit nonpayroll withheld income tax for November if the monthly deposit rule applies. January 12 Individuals: Report December 2025 tip income of $20 or more to employers (Form 4070).
The holidays are a time for gratitude, and many employers show appreciation by giving gifts to their staff. Different types of gifts can have different tax consequences. So whether it’s a gift card, a holiday turkey or a year-end bonus, it’s important to know how the IRS will treat the gift. “Achievement awards” are deductible by the employer and tax-free to the employee if certain rules are met, including that the gift be of tangible personal property. So are “de minimis” gifts, such as that holiday turkey. But year-end bonuses are taxable. Contact the office if you have questions about the tax implications of employee gifts.