Publication 80 - (Circular Ss),federal Tax Guide For Employers In The U.s. Virgin Islands, Guam, American Samoa, And The Commonwealth Of The Northern Mariana Islands Page 12
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24where you make deposits is an authorized depositary.
How to claim credit for overpayments. If you deposited
Deposits made at an unauthorized institution may be sub-
more than the right amount of taxes for a tax period, you
ject to the failure to deposit penalty.
can choose on Form 941-SS, Form 941, or Form 943 for
that tax period to have the overpayment refunded or ap-
If you prefer, you may mail your coupon and payment to:
plied as a credit to your next return. Do not ask the
Financial Agent, Federal Tax Deposit Processing, P.O.
depositary or EFTPS to request a refund from the IRS for
Box 970030, St. Louis, MO 63197. Make your check or
you.
money order payable to “Financial Agent.”
Depositing on time. The IRS determines whether de-
Deposit Penalties
posits are on time by the date that they are received by an
authorized depositary. To be considered timely, the funds
Penalties may apply if you do not make required deposits
must be available to the depositary on the deposit due date
on time, if you make deposits of less than the required
before the institution’s daily cutoff deadline. However, a
amount, or if you do not use EFTPS when required. The
deposit received by the authorized depositary after the due
penalties do not apply if any failure to make a proper and
date will be considered timely if the taxpayer establishes
timely deposit was due to reasonable cause and not to
that it was mailed in the United States (including U.S.
willful neglect. For amounts not properly or timely depos-
Territories) at least 2 days before the due date.
ited, the penalty rates are as follows.
If you hand deliver your deposit to the depositary on the
due date, be sure to deliver it before the daily cutoff
2% - Deposits made 1 to 5 days late.
deadline.
5% - Deposits made 6 to 15 days late.
Note. If you are required to deposit any taxes more than
10% - Deposits made 16 or more days late. Also applies
once a month, any deposit of $20,000 or more must be
to amounts paid within 10 days of the date of the
received by the authorized depositary by its due date to be
first notice that the IRS sent asking for the tax
timely. See section 7502(e)(3).
due.
Depositing without an EIN. If you have applied for an
10% - Deposits made at an unauthorized financial
EIN but have not received it and you must make a deposit,
institution, paid directly to the IRS, or paid with
make the deposit with the IRS. Do not make the deposit at
your tax return (but see Depositing without an EIN
an authorized depositary. Make it payable to the “United
above and Payment with Return on page 8 for
exceptions).
States Treasury” and show on it your name (as shown on
Form SS-4), address, kind of tax, period covered, and the
10% - Amounts subject to electronic deposit
date that you applied for an EIN. Send your deposit with an
requirements but not deposited using EFTPS.
explanation to your local IRS office or the IRS service
15% - Amounts still unpaid more than 10 days after the
center where you file Form 941-SS, Form 943, or Form
date of the first notice that the IRS sent asking for
940. The service center addresses are provided in the
the tax due or the day on which you received
separate instructions for Forms 941-SS, 943 and 940 and
notice and demand for immediate payment,
are also available on the IRS website at Do
whichever is earlier.
not use Form 8109-B, Federal Tax Deposit Coupon, in this
situation.
Note. Late deposit penalty amounts are determined us-
Depositing without Form 8109. If you do not have a
ing calendar days, starting from the due date of the liability.
preprinted Form 8109, you may use Form 8109-B to make
deposits. Form 8109-B is an over-the-counter FTD coupon
Order in which deposits are applied. Deposits generally
that is not preprinted with your identifying information. You
are applied to the most recent tax liability within the return
may get this form by calling 1-800-829-4933. Be sure to
period (quarter or year). However, if you receive a
have your EIN ready when you call. You will not be able to
failure-to-deposit penalty notice, you may designate how
obtain Form 8109-B by calling 1-800-TAX-FORM.
your payment is to be applied in order to minimize the
Use Form 8109-B to make deposits only if:
amount of the penalty. Follow the instructions on the pen-
alty notice you receive. For more information on designat-
•
You are a new employer and you have been as-
ing deposits, see Rev. Proc. 2001-58. You can find Rev.
signed an EIN, but you have not received your initial
Proc. 2001-58 on page 579 of Internal Revenue Bulletin
supply of preprinted Forms 8109 or
2001-50 at
•
You have not received your resupply of preprinted
Forms 8109.
Example. Cedar, Inc. is required to make a deposit of
$1,000 on April 15 and $1,500 on May 15. It does not make
Deposit record. For your records, a stub is provided
the deposit on April 15. On May 15, Cedar, Inc. deposits
with each FTD coupon in the coupon book. The FTD
$2,000. Under the deposits rule, which applies deposits to
coupon itself will not be returned. It is used to credit your
the most recent tax liability, $1,500 of the deposit is applied
account. Your check, bank receipt, or money order is your
to the May 15 deposit and the remaining $500 is applied to
receipt.
the April deposit. Accordingly, $500 of the April 15 liability
Page 12
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2017
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2012
Financial
Instructions For Form 944-ss - Employer's Annual Federal Tax Return American Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - Internal Revenue Service - 2007
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2006
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2009
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2010
Financial
Instructions For Form 941-ss - Employer's Quarterly Federal Tax Returnamerican Samoa, Guam, The Commonwealth Of The Northern Mariana Islands, And The U.s. Virgin Islands - 2010
Financial
Related Categories
Parent category: Financial