We have many clients receiving notices from the Internal Revenue Service in reference to the tax deposit requirements for 2014. Normally clients are required to make their federal tax deposits the 15th of the month following the payroll month, but when your annual tax deposits reach $50,000 in the look-back period, the IRS requires that taxes be paid semi-weekly. This means that tax deposits must be made within three business days of the posting of payroll. For example, if you have payroll posted to your employees on Friday, then your payroll taxes are due by Wednesday of the next week. These requirements are not negotiable and significant penalties may be assessed for not meeting the requirement. Please be on the look-out for these letters and forward to them as soon as possible.
If you not a client of Saggio Accounting+PLUS and have questions about payroll or payroll taxes, feel free to contact us for more information. As a full-service accounting firm, we prepare payroll in-house for our clients.