Tuesday, March 6, 2012

Regarding Payroll taxes, can I really not just mail my check with the 940 if amt over 2,500?

Federal Payroll taxes are due Friday. This is our first time. We owe well over 2,500 and the 940 form I filled out says I have to fill out a Federal Tax Deposit Coupon Form 8109 and. I had gotten these but they were thrown out bc we are doing electronic but can't yet (this quarter) for a reason not worth getting into. The 940 says you can get the coupons at a financial institution (and it appears you can't print them online). My BofA branch didn't know what I was talking about at first and then said people have their own usually. So a few questions, where can I get an 8109 and do I then just mail it with the 940 and is the postmark before 10/31 good enough or will the bank (or place I can find one) take the deposit from me. Thank you in advance for any help on this.Regarding Payroll taxes, can I really not just mail my check with the 940 if amt over 2,500?
Your local IRS office will give you one blank Form 8109 and you don't mail it to the IRS, you take it to the bank. They could also get you set up for electronic payments. I don't see how you could ow $2,500 on Form 940 because that would represent over $300,000 in taxable wages. On Form 941, yes.



There are penalties for not making electronic payments when you should If you are not able to get set up for electronic payments, you should be able to get a one time waiver because this is the first time for you.
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