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I have not paid payroll taxes this year on 2 peopl3 that…

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I have not paid...

I have not paid payroll taxes this year on 2 peopl3 that work for me I always used a pro in the past but stopped because of the high fees and time has got away from me and I want to fix it. Can I show their earnings to date as 1 payment and pay the tax

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I have not psyrollmtaxes on 2 guts that work for me I us4 to use a pro but stopped becaus4 of the fee’s can I file their earnings as a singing payment and pay the taxes

Submitted: 7 months ago.Category: Tax
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12/1/2017
Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago
Tax.appeal.168
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Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago

You will need to prepare the proper returns for the periods that the payroll was due. Note that as you are late filing, you will likely be penalized as well. SEE BELOW:

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Deposit Due Dates

In general, you must deposit federal income tax withheld and both the employer and employee social security and Medicare taxes.

There are two deposit schedules, monthly and semi-weekly. Before the beginning of each calendar year, you must determine which of the two deposit schedules you are required to use. The deposit schedule you must use is based on the total tax liability you reported on Form 941 during a special rules for Forms 944 and 945. Schedules for depositing and reporting taxes are not the same.

You must use electronic funds transfer (EFTPS) to make all federal tax deposits.

REFERENCE SOURCE:

https://www.irs.gov/businesses/small-businesses-self-employed/employment-tax-due-dates

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Tax Professional: Tax.appeal.168, Tax Accountant replied 7 months ago

Penalties for Late Deposits

If your payment is between one and five days late, the IRS charges a penalty of 2 percent of the unpaid tax. Deposits made six to 15 days late are charged a 5 percent penalty. If your payment is more than 16 days late, the IRS will charge a 10 percent penalty. The IRS also charges interest on any unpaid balance.

REFERENCE SOURCE:

http://smallbusiness.chron.com/file-payroll-taxes-late-67826.html

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If the withheld tax is $1,000 or less, you file the Form 944, which is an annual report, if more, then, you will need to file the Form 941 for each quarter that you have not filed. You can refer to the instructions for the Form 941 at the following link.

https://www.irs.gov/pub/irs-pdf/i941.pdf

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