August 12: Employers must file Form 941 for Q2 payroll taxes if deposits were made on time. August 12: Employees who earned $20 or more in tips in June must report them. August 15: Payroll tax and nonpayroll withholding deposits for July are due. September deadlines include estimated tax payments for individuals and corporate tax deposits.

Starting in 2024, eligible taxpayers can transfer their Clean Vehicle Credit (CVC) to a dealership, using it as a down payment or in exchange for a discounted purchase price. This applies to many electric vehicles (EVs), plug-in hybrids (PHEVs), and fuel cell vehicles. The transfer option may provide a larger benefit because CVCs are non-refundable—meaning that if your tax liability is lower than the credit amount, you don’t receive the full benefit. Transferring the credit to a dealer can ensure maximum savings. A tax professional can help determine if this option is right for you.

Scammers have been spreading false information about a “Self Employment Tax Credit”, claiming that self-employed individuals can receive large IRS refunds. In reality, this credit does not exist. These scammers often charge fees to prepare tax returns but file fraudulent claims for the Credit for Sick and Family Leave, which was only available in 2020 and 2021. Victims of this scam may face IRS penalties, interest charges, and repayment demands. If a tax credit or refund claim sounds too good to be true, it probably is.