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Tax Information With A Mother's Touch Published by Eva Rosenberg, MBA, EA |
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EFTPS-FTD
Penalty Refund Offer In case you missed it . . . IRS has announced nationwide
implementation of the EFTPS -
FTD penalty refund offer.
This allows business owners, who were assessed and fully paid
a Form 941 payroll tax deposit penalty, the opportunity to
receive a one-time penalty refund if they sign up for EFTPS,
use it for one year (4 quarters), and make all required payments.
The offer is also available to current non-mandatory EFTPS users.
EFTPS is
applicable to all taxpayers. However, with this initiative, it offers
a special opportunity to reach out to business owners with employees,
who have previously been assessed penalties and may be struggling because
of it.
EFTPS is
an efficient, user-friendly system, costs nothing to use, and will
make tax payments trouble free. Now, with this initiative, IRS will
look back up to four quarters prior to the four-quarter compliance
period for a fully paid FTD penalty to abate.
Penalties paid earlier than one year prior to the four-
quarter compliance period are not eligible for the automatic offer.
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| Library of Congress - ISSN 1532-0790 Copyright © 2000-2007 - Eva Rosenberg |
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