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How do I calculate the penalty for late payment of federal…

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How do I calculate...

How do I calculate the penalty for late payment of federal payroll tax deposit?

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We are monthly depositors. I'm not really positive but I thin it was a deposit suppose to be made in June for May.

Submitted: 11 months ago.Category: Tax
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7/31/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 11 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,092
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from Just Answer. I'mCustomer and can assist.

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Customer reply replied 11 months ago
How long until I am contacted?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 11 months ago

I had to look at something first. I'll make a phone call offer to discuss.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 11 months ago

I tried to accept your phone call offer, but it was not processed. Customer service is notified.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 11 months ago

I'll look back in to make the phone call ASAP.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 11 months ago

Can I assist by typing out my response? Saves waiting for a phone call.

A Federal tax deposit that is more than 15 days late is charged a 10% penalty of the entire payment under IRC §6656(b)(1)(A)(iii).

There is also interest charged, which is still pretty low. Specific dates are required to look that up, and the time late is not much. I would estimate 3.5% for 45 days, or approximately .4375%. IRS will bill, and you can use this to test their math accuracy.

If you still need to call, I'll look back in.

You might be able to request a penalty abatement under IRS' FTA, or first time abatement, program. They give almost every taxpayer a 'mulligan', if you will, for missing a due date due to reasonable cause.

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