Publication 80 - Federal Tax Guide (Circular Ss) - Internal Revenue Service - 2012 Page 12
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25(Friday), deposit date for a March 31 (Saturday) pay date,
(FTA). If you ever need the same-day payment method,
the return due date for the March 31 pay date (April 30)
you will need to make arrangements with your financial
would come before the May 16 (Wednesday) shortfall
institution ahead of time. Please check with your financial
makeup date. In this case, the shortfall must be deposited
institution regarding availability, deadlines, and costs. Your
by April 30, 2012.
financial institution may charge you a fee for payments
made this way. To learn more about the information you
will need to provide your financial institution to make a
Employers of Both Farm and Nonfarm
same-day wire payment, please visit
to
Workers
download the Same-Day Payment Worksheet.
If you employ both farm and nonfarm workers, you must
How to claim credit for overpayments. If you deposited
treat employment taxes for the farmworkers (Form 943
more than the right amount of taxes for a tax period, you
taxes) separately from employment taxes for the nonfarm
can choose on Form 941-SS, Form 941, Form 944-SS,
workers (Form 941-SS or Form 944-SS taxes). Form 943
Form 944, or Form 943 for that tax period to have the
taxes and Form 941-SS (or Form 944-SS) taxes are not
overpayment refunded or applied as a credit to your next
combined for purposes of applying any of the deposit rules.
return. Do not ask EFTPS to request a refund from the IRS
If a deposit is due, deposit the Form 941-SS (or Form
for you.
944-SS) taxes and Form 943 taxes separately, as dis-
cussed below.
Deposit Penalties
How To Deposit
Penalties may apply if you do not make required deposits
on time or if you make deposits of less than the required
You must deposit employment taxes by electronic funds
amount. The penalties do not apply if any failure to make a
transfer. See
Payment with
Return, earlier in this section,
proper and timely deposit was due to reasonable cause
for exceptions explaining when taxes may be paid with the
and not to willful neglect. The IRS may also waive penal-
tax return instead of being deposited.
ties if you inadvertently fail to deposit in the first quarter that
Electronic deposit requirement. You must use elec-
a deposit is due, or the first quarter during which your
tronic funds transfer to make all federal tax deposits (such
frequency of deposits changed, if you timely filed your
as deposits of employment tax, excise tax, and corporate
employment tax return.
income tax). Generally, electronic fund transfers are made
For amounts not properly or timely deposited, the
using the Electronic Federal Tax Payment System
penalty rates are as follows.
(EFTPS). If you do not want to use EFTPS, you can
arrange for your tax professional, financial institution, pay-
2% - Deposits made 1 to 5 days late.
roll service, or other trusted third party to make deposits on
5% - Deposits made 6 to 15 days late.
your behalf.
If you are required to make deposits and fail to do so,
10% - Deposits made 16 or more days late. Also applies
you may be subject to a penalty equal to 10% of the
to amounts paid within 10 days of the date of the
required deposit. EFTPS is a free service provided by the
first notice that the IRS sent asking for the tax
Department of the Treasury. To get more information or to
due.
enroll in EFTPS, call 1-800-555-4477 toll free (U.S. Virgin
10% - Deposits paid directly to the IRS or paid with your
Islands only) or 303-967-5916 (toll call). You can also visit
tax return (but see
Payment with
Return, earlier in
the EFTPS website at . Additional informa-
this section, for exceptions).
tion about EFTPS is also available in Publication 966.
15% - Amounts still unpaid more than 10 days after the
When you receive your EIN. If you are a new employer
date of the first notice that the IRS sent asking for
that indicated a federal tax obligation when requesting an
the tax due or the day on which you received
EIN, you will be pre-enrolled in EFTPS. You will receive
notice and demand for immediate payment,
information about Express Enrollment in your Employer
whichever is earlier.
Identification Number (EIN) Package and an additional
Late deposit penalty amounts are determined using
mailing containing your EFTPS personal identification
calendar days, starting from the due date of the liability.
number (PIN) and instructions for activating your PIN.
Follow the steps in your “How to Activate Your Enrollment”
Special rule for former Form 944-SS filers. If you filed
brochure to activate your enrollment and begin making
Form 944-SS for the prior year and must file Forms 941-SS
your payroll tax deposits. Be sure to tell your payroll pro-
for the current year because your employment tax liability
vider about your EFTPS enrollment.
for the prior year exceeded the Form 944-SS eligibility
Deposit record. For your records, an Electronic Funds
requirement ($1,000 or less), the failure-to-deposit penalty
Transfer (EFT) Trace Number will be provided with each
will not apply to a late deposit of employment taxes for the
successful payment. The number can be used as a receipt
first month of the current year if the taxes are deposited in
or to trace the payment.
full by March 15 of the current year.
Depositing on time. For deposits made by EFTPS to
Order in which deposits are applied. Deposits generally
be on time, you must initiate the deposit by 8 p.m. Eastern
are applied to the most recent tax liability within the return
time the day before the date the deposit is due. If you use a
period (quarter or year). However, if you receive a fail-
third party to make deposits on your behalf, they may have
ure-to-deposit penalty notice, you may designate how your
different cutoff times.
payment is to be applied in order to minimize the amount of
Same-day payment option. If you fail to initiate a deposit
the penalty, if you do so within 90 days of the date of the
transaction on EFTPS by 8 p.m. Eastern time the day
notice. Follow the instructions on the penalty notice that
before the date a deposit is due, you can still make your
you received. For more information on designating depos-
deposit on time by using the Federal Tax Application
its, see Rev. Proc. 2001-58. You can find Rev. Proc.
Page 12
Publication 80 (2012)
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