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    #1

    Agricultural employee

    TP only had one employee last year and we could pay the 943 at the end of the year. TP has called and now has two employees and the $2500 safe harbor limit won't apply. Now deposits need to be made every month, what do I do about the first 3 months? Do I deposit each month separately? Or make one big deposit for the quarter?
    I'll be able to do April's deposit, due May 15th. How big will the penalty be? Is there a chance I can get the penalties abated?
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    #2
    Originally posted by JenMO View Post
    TP only had one employee last year and we could pay the 943 at the end of the year. TP has called and now has two employees and the $2500 safe harbor limit won't apply. Now deposits need to be made every month, what do I do about the first 3 months? Do I deposit each month separately? Or make one big deposit for the quarter?
    I'll be able to do April's deposit, due May 15th. How big will the penalty be? Is there a chance I can get the penalties abated?
    Usually "First Time" violations are forgiven when requested.
    This post is for discussion purposes only and should be verified with other sources before actual use.

    Many times I post additional info on the post, Click on "message board" for updated content.

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      #3
      When is the request done? Should I make 3 deposits or just one for the 1st quarter? Will IRS contact him soon when he makes a 1st quarter deposit,or will it happen when we file the 943?

      Comment

        #4
        Originally posted by JenMO View Post
        When is the request done? Should I make 3 deposits or just one for the 1st quarter? Will IRS contact him soon when he makes a 1st quarter deposit,or will it happen when we file the 943?
        If you haven't made the deposit yet you are making matters worse. Make a single deposit now and every month here on out. When you get a notice from the IRS is when you request a First Time abatement.
        This post is for discussion purposes only and should be verified with other sources before actual use.

        Many times I post additional info on the post, Click on "message board" for updated content.

        Comment

          #5
          Lookback Rule

          Might even be under a "lookback rule" wherein the IRS won't even consider the penatly, so I would just caution to make all payments as if the prior month were due by the 15th of the following month.

          I have had this occur with my "regular" business clients.

          Sandy

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