Apr 302018
 

Douglas Tax Blog. U.S.A.  IRS.GOV

The IRS website has publications that can help provide tips and useful information for taxpayers, including detailed information for small businesses and IRS help. The IRS reminds small businesses of the many free products available at their website, located at IRS.GOV. Products ranging from online calculators, printable calendars, step by step guides and a series of educational webinars are all available for small businesses.

Federal law requires most employers to withhold federal taxes from their employees wages. IRS tools can help small businesses understand some of the requirements for withholding, reporting, and paying employment taxes. IRS help is also available to those who need it.  The IRS website IRS.GOV provides easily accessible information and guides on what forms employers should use as well as how and when to deposit and report employment taxes.

For the amount of Federal Income tax to withhold, small businesses first need to figure out how much tax to withhold. IRS help is available at IRS.GOV to do this. Most employers also withhold social security and medicare taxes, and the IRS website is a useful tool for gathering information that is needed to determine the correct amount to withhold and when to make payments to the IRS.

Employers pay employment taxes by making federal tax deposits through the Electronic Federal Tax Payment System. The amount of taxes withhled during the prior one year period determines when to make the deposits. Publication 3151-A, the ABCs of FTDs: Resource guide for Understanding Federal Tax Deposits is available at the IRS website as is IRS help.

Failure to make a timely deposit can mean being subject to a failure to deposit penalty of up to 15 percent. But the penalty can we waived if an employer has a history of filing required returns and making tax deposits on time. For more information, see the Penalty Relief Due to First Time Penalty Abatement page on IRS.GOV or ask for IRS help. See Understanding Employment Taxes and Employment Taxes on IRS.GOV for more information.

 


  •  04/30

 Leave a Reply

(required)

(required)

This site uses Akismet to reduce spam. Learn how your comment data is processed.