Failure to Deposit Payroll Taxes

tax tip

If you are an employer, the IRS requires that you make your payroll tax deposits through the Electronic Federal Tax Payment System (EFTPS).  However, if you fail to use the EFTPS to make the deposits, the IRS will assess a 10% penalty of the amount that should have been deposited.  But if you did not make the deposits electronically because you were unable to get a bank account, you may be able to remove the 10% penalty.  If you are having tax issues, contact our law office at 816-524-4949 or www.Hoorfarlaw.com.

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