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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: 8 months ago.Category: Tax
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7/31/2017
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 8 months ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 5,011
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 8 months ago
How long until I am contacted?
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 8 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 8 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 8 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 8 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.

Thanks for using the service. Please take a moment to rate my assistance using our five star rating scale. Positive feedback, and a bonus if warranted, is required before the site releases any payment to experts.

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