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payroll tax

payroll tax

Understanding IRS Form 940 and 941: Deadlines, Filing, and Penalties

28 November, 2025 | payroll tax

IRS Form 940 and 941 are essential employer tax documents with distinct purposes, filing schedules, and penalties for late filing or balances due. Employers must understand what each form does, when it is due, and how to avoid costly mistakes or penalties. What Is IRS Form 940? Form 940, officially known as the Employer's Annual Federal Unemployment (FUTA) Tax Return, reports federal unemployment taxes. The FUTA tax provides funds for paying u... CONTINUE READING

NYS Payroll Tax: Rules, Deadlines, & Tips for Employers

23 July, 2025 | payroll tax

Behind on Payroll Taxes in New York? What You Need to Know Employees in New York must deal with federal, state, and sometimes, local payroll taxes. Failure to pay or file these taxes can lead to significant penalties and potentially put your business at risk. To get help now, contact us at the Law Offices of Timothy S. Hart today, or read on for more details. Key Takeaways: Employers in Ne... CONTINUE READING

What Happens When You Close a Business with Tax Debt?

23 July, 2025 | payroll tax tax collections

Shutting Down a Business With Tax Debt What to Expect and What You Need to Do: Making the decision to shutter your company can be stressful, but it also means having to manage existing tax debt. It’s a misconception that closing your doors gets you off the hook. If you owe federal or New York State taxes, the business is financially responsible for paying them, and in some cases, you may be personally liable for unpaid... CONTINUE READING

Can Unpaid Payroll Taxes Lead to Jail Time?

28 June, 2025 | payroll tax

Can You Really Go to Jail for Unpaid Payroll Taxes? The bad news is, yes, you can go to jail for unpaid payroll taxes. The good news is, this is generally only a risk if you're willfully avoiding the IRS’s attempts to remedy the situation or you’re intentionally attempting to defraud the IRS or evade paying taxes. Not paying payroll taxes isn't necessarily a crime. But... CONTINUE READING

Behind on Payroll Taxes? Watch Out for IRS Letter 5857

8 March, 2025 | payroll tax

Summary 1. IRS Letter 5857 is sent to taxpayers who have fallen behind on their employment tax deposits, notifying them of an impending phone call from a Revenue Officer to discuss the issue. 2. The IRS prefers to resolve tax issues early and may offer payment arrangements or other relief options. 3. Ignoring the letter can lead to escalating collection efforts, including in-person meetings, liens, levies, and the Trust Fund Recovery Penalty (TFRP), which can hold in... CONTINUE READING

What is the IRS Failure to Deposit Penalty: How Can I Avoid It?

8 March, 2025 | payroll tax

Summary 1. The failure to deposit penalty is assessed when a company fails to collect and transfer payroll taxes, including federal income taxes, Social Security taxes, and Medicare taxes. 2. The penalty is based on the number of days the deposit is late and can range from 2% to 15% of the unpaid amount. 3. This penalty can add up quickly, especially if it’s part of an ongoing issue with late or m... CONTINUE READING

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Understanding IRS Form 940 and 941: Deadlines, Filing, and Penalties

IRS Form 940 and 941 are essential employer tax documents with distinct purposes, filing schedules, and penalties for late filing or balances due. Employers must understand what each form does, when it is due, and how to avoid costly mistakes or penalties. What Is IRS...