If you have any delinquent payroll tax returns, it is imperative that you call Leading Tax Group today to discuss your options. The IRS, EDD, and Tax Board are not forgiving when it comes to delinquent payroll taxes in CA (or anywhere for that matter) and you need firm representation immediately.
Primary payroll tax returns are due quarterly in California, specifically, on the last day of the month that follows the quarter. What this means is that if your quarter ends on April 30, then your payroll tax return would be due on or before May 31. In addition to your payroll tax returns, all employers must submit their employer contributions.
Once you fall behind submitting payroll tax returns and payroll tax deposits, it can be difficult to catch up and penalties for nonpayment and noncompliance are hefty and add up rapidly.
If you find yourself in a position where you may have delinquent payroll tax returns, or you have forgotten to submit the employee’s contributions to the IRS, call Leading Tax Group right away. Our team is here to help you and our tax professionals will not only counsel you, but help you file your returns and get back on track.
If you have payroll tax returns that are delinquent, or you have late payroll taxes, now is the time to get the help you need. The longer you wait, the more money you will owe and the harder it will be to recover from it. Leading Tax Group is committed to working with you to make sure that your payroll tax returns are submitted on time and accurately. If you are in need of help with your delinquent payroll tax returns, contact our office today. We are here to help you!
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When figuring out tax return penalties, if the payments are just late, then the fines are calculated on the amount of time that has passed. The penalty for deposits that are up to 5 days late, for example, is 2%. For deposits that are made between 6 to 15 days late, the penalty is 5%. Any deposits made that are 16 days or late, will incur a 10% fee.
Once the IRS has issued a notice demanding the late taxes, you will be charged a 15% penalty. These fines add up quickly and will continue to compound until the debt is paid off. This means that you may experience cash flow issues, or you may find yourself in an endless debt cycle.
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While sales and use tax returns do need to be filed in a timely manner, you also need to make sure that you use the certificate properly as well. If you do not use your resale certificate properly, you could be held accountable and a violation can equate to a misdemeanor charge.
It is important that you always make sure you are using the certificate properly and when in doubt, ask.
Our experienced delinquent sales tax return professionals in CA will sit down on one with you and help you determine if all of your purchases were made in good faith and if you used your resale certificate properly.
If you have any questions, do not hesitate to call our office.
Headquartered in Encino, California with multiple local branch offices in your backyard to serve you at your convenience. Leading Tax Group can schedule a face to face consultation to represent your case with the IRS, FTB, EDD, as well as CDTFA Audits.
Penalties can be assessed and collection action can be taken against you. Extreme measures, such as shutting down your business operations, usually trigger an audit. Call Leading Tax Group for quick assistance with your payroll taxes.
The short answer is Yes. The IRS can also impose Civil Penalties/ Trust Fund Recovery Penalties individually to the principals of a business. This can add to your troubles, so it’s best to Call Leading Tax Group for assistance as soon as possible.
You will get penalties and collection action can be taken against you to recover the money. Remember, shutting down your business operations or filing for bankruptcy can trigger an audit. Call Leading Tax Group for professional tax assistance.
If you want to make payroll tax deposits and file a return to report, the Electronic Federal Tax Payment System (EFTPS) is the best tool to use. Keep in mind that you need to set up an account before you can file and pay payroll taxes.
This varies based on IRS categories. It is typically related to the volume and frequency of your payroll overall. However, the quarterly tax and wage report should be filed before the last day of the month following the calendar quarter.
In most cases, the employer is held accountable for unpaid payroll taxes. Sometimes, other officers /payroll processors can be held accountable, especially if Civil or Trust Fund penalties are assessed.
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