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PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4673
Experience:  35 years tax experience, including four years at a Big 4 firm.
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How do I calculate the penalty for late payment of federal

Customer Question

How do I calculate the penalty for late payment of federal payroll tax deposit?
JA: When we are ready I'll take you to the appropriate web page.
Customer: I'm ready.
JA: The expert will know how to help. Please tell me more, so we can help you best.
Customer: We are monthly depositors. I'm not really positive but I thin it was a deposit suppose to be made in June for May.
JA: Is there anything else the expert should be aware of?
Customer: no.
Submitted: 2 months ago.
Category: Tax
Expert:  PDtax replied 2 months ago.

Hi from Just Answer. I'mCustomer and can assist.

Customer: replied 2 months ago.
How long until I am contacted?
Expert:  PDtax replied 2 months ago.

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

Expert:  PDtax replied 2 months ago.

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

Expert:  PDtax replied 2 months ago.

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

Expert:  PDtax replied 2 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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