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 13
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24remains undeposited. The penalty on this underdeposit will
941) equals your tax liability shown on line 8 of Form
apply as explained above.
941-SS.
•
Do not show negative amounts on line 15 or Sched-
Trust fund recovery penalty. If income, social security,
ule B (Form 941). If a prior period adjustment results
and Medicare taxes that must be withheld are not withheld
in a decrease in your tax liability, reduce your liability
or are not deposited or paid to the United States Treasury,
for the day you discovered the error by the tax de-
the trust fund recovery penalty may apply. The penalty is
crease resulting from the error, but not below zero.
the full amount of the unpaid trust fund tax. This penalty
Apply any remaining decrease to subsequent liabili-
may apply to you if these unpaid taxes cannot be immedi-
ties.
ately collected from the employer or business.
The trust fund recovery penalty may be imposed on all
persons who are determined by the IRS to be responsible
9. Employer’s Returns
for collecting, accounting for, and paying over these taxes,
and who acted willfully in not doing so.
A responsible person can be an officer or employee of
General instructions. File Form 941-SS for nonfarm
a corporation, a partner or employee of a partnership, an
workers and Form 943 for farmworkers. (U.S. Virgin Is-
accountant, a volunteer director/trustee, or an employee of
lands employers may be required to file Form 940 or Form
a sole proprietorship. A responsible person also may in-
940-EZ for the combined wages of nonfarm workers and
clude one who signs checks for the business or otherwise
farmworkers.)
has authority to cause the spending of business funds.
The IRS sends each employer a form preaddressed
Willfully means voluntarily, consciously, and intention-
with name, address, and EIN. If you use a form that is not
ally. A responsible person acts willfully if the person knows
preaddressed, enter your name and EIN exactly as they
the required actions are not taking place.
appeared on previous returns.
“Averaged” failure to deposit penalty. IRS may assess
Nonfarm employers. File your first Form 941-SS return
an “averaged” failure to deposit (FTD) penalty of 2% to
for the calendar quarter in which you pay wages for non-
10% if you are a monthly schedule depositor and did not
farm workers.
properly complete line 15 of Form 941-SS when your tax
liability (line 8) shown on Form 941-SS was $2,500 or
Quarter
Due
more. IRS may also assess this penalty of 2% to 10% if you
Jan., Feb., Mar. . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30
are a semiweekly schedule depositor and your tax liability
(line 8) shown on Form 941-SS was $2,500 or more and
Apr., May, June . . . . . . . . . . . . . . . . . . . . . . . .
July 31
you did any of the following.
July, Aug., Sept. . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31
•
Completed line 15 of Form 941-SS instead of
Oct., Nov., Dec. . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31
Schedule B (Form 941).
•
However, if you deposited all taxes when due for the
Failed to attach a properly completed Schedule B
quarter, you have 10 additional days from the due dates
(Form 941).
above to file the return. If the due date for filing your return
•
Completed Schedule B (Form 941) incorrectly, for
falls on a Saturday, Sunday, or legal holiday, you may file
example, by entering tax deposits instead of tax lia-
on the next business day.
bilities in the numbered spaces.
If you closed your business and do not have to file
returns in the future, check the box on line 16 and show the
IRS figures the penalty by allocating your total tax liabil-
date final wages were paid on Form 941-SS for the quarter
ity on line 8 of Form 941-SS, equally throughout the tax
in which you made the final payment.
period. Your deposits and payments may not be counted
Household employers reporting social security and
as timely because IRS does not know the actual dates of
Medicare taxes. If you are a sole proprietor and file Form
your tax liabilities.
941-SS for business employees, you may include taxes for
You can avoid the penalty by reviewing your return
household employees on your Form 941-SS. Otherwise,
before filing it. Follow these steps before filing your Form
report social security and Medicare taxes for household
941-SS.
employees on Schedule H (Form 1040), Household Em-
•
If you are a monthly schedule depositor, report your
ployment Taxes. See Publication 926, Household
tax liabilities (not your deposits) in the monthly entry
Employer’s Tax Guide, for more information.
spaces on line 15.
Employers of farmworkers. Every employer of
•
If you are a semiweekly schedule depositor, report
farmworkers must file a Form 943 for each calendar year
your tax liabilities (not your deposits) on Schedule B
beginning with the first year the employer pays $2,500 or
(Form 941) in the lines that represent the dates you
more for farmwork or employs a farmworker who meets the
paid your employees.
$150 test described in section 6.
•
Verify that your total liability shown on line 15 of
File a Form 943 each year for all taxable wages paid for
Form 941-SS or the bottom of Schedule B (Form
farmwork. You may report household workers in a private
Page 13
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