I don't think that's correct, but would like to know if I'm wrong. It's my understanding that if the total tax liability on the 941 is over $2,500 (before any deposits are taken into account), then there's a 10% penalty for submitting payment by check no matter when it's received. The penalty would apply to any remaining amount paid by check, and not paid through EFTPS.
-
"The only function of economic forecasting is to make astrology look respectful" - John Kenneth Galbraith -
Perhaps that's one of the new EFTPS rules. I know that in the past, I've had clients that went over the 2500 threshold and paid with the 941 prior to the 15th and never got any penalties. This is a good one to know a definitive answer on. I will research further tomorrow.Gary B., E.A.
____________________________________
I make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information.Comment
-
Phone Call
John, thanks for your post on phoning for a PTIN #, but it didn't work, all that EFTPS would do, is take a phone payment which was okay as the deadline for payroll deposit was fast approaching.
EFTPS stated we would have to wait to receive the letter with the PTIN to set up the online.
SandyComment
Comment