Late Tax Filing
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Late Tax Filing
Late tax filing 13. Late tax filing Payment of Taxes Table of Contents How To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule Generally, semimonthly deposits of excise taxes are required. Late tax filing A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period). Late tax filing However, no deposit is required for the situations listed below; the taxes are payable with Form 720. Late tax filing The net liability for taxes listed in Part I (Form 720) does not exceed $2,500 for the quarter. Late tax filing The gas guzzler tax is being paid on a one-time filing. Late tax filing The liability is for taxes listed in Part II (Form 720), except for the floor stocks tax which generally requires a single deposit. Late tax filing How To Make Deposits Electronic deposit requirement. Late tax filing You must use electronic funds transfer to make excise tax deposits. Late tax filing Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). Late tax filing If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. Late tax filing Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Late tax filing EFTPS is a free service provided by the Department of Treasury. Late tax filing Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Late tax filing To get more information about EFTPS or to enroll in EFTPS, visit www. Late tax filing eftps. Late tax filing gov or call 1-800-555-4477. Late tax filing Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. Late tax filing Depositing on time. Late tax filing For EFTPS deposits to be on time, you must initiate the transaction at least 1 day before the date the deposit is due (before 8:00 p. Late tax filing m. Late tax filing Eastern time). Late tax filing You will automatically be enrolled in EFTPS when you apply for an EIN. Late tax filing You will receive a separate mailing containing instructions for activating your EFTPS enrollment after you receive your EIN. Late tax filing When To Make Deposits There are two methods for determining deposits: the regular method and the alternative method. Late tax filing The regular method applies to all taxes in Part I of Form 720 except for communications and air transportation taxes if deposits are based on amounts billed or tickets sold, rather than on amounts actually collected. Late tax filing See Alternative method below. Late tax filing If you are depositing more than one tax under a method, combine all the taxes under the method and make one deposit for the semimonthly period. Late tax filing Regular method. Late tax filing The deposit of tax for a semimonthly period is due by the 14th day following that period. Late tax filing Generally, this is the 29th day of a month for the first semimonthly period and the 14th day of the following month for the second semimonthly period. Late tax filing If the 14th or the 29th day falls on a Saturday, Sunday, or legal holiday, you must make the deposit by the immediately preceding day that is not a Saturday, Sunday, or legal holiday. Late tax filing Alternative method (IRS Nos. Late tax filing 22, 26, 27, and 28). Late tax filing Deposits of communications and air transportation taxes may be based on taxes included in amounts billed or tickets sold during a semimonthly period instead of on taxes actually collected during the period. Late tax filing Under the alternative method, the tax included in amounts billed or tickets sold during a semimonthly period is considered collected during the first 7 days of the second following semimonthly period. Late tax filing The deposit of tax is due by the 3rd banking day after the 7th day of that period. Late tax filing For an example of the alternative method, see the Instructions for Form 720. Late tax filing To use the alternative method, you must keep a separate account of the tax included in amounts billed or tickets sold during the month and report on Form 720 the tax included in amounts billed or tickets sold and not the amount of tax that is actually collected. Late tax filing For example, amounts billed in December, January, and February are considered collected during January, February, and March and are reported on Form 720 as the tax for the 1st quarter of the calendar year. Late tax filing The separate account for each month must reflect: All items of tax included in amounts billed or tickets sold during the month, and Other items of adjustment relating to tax for prior months (within the statute of limitations on credits or refunds). Late tax filing The separate account for any month cannot include an adjustment resulting from a refusal to pay or inability to collect unless the refusal has been reported to the IRS. Late tax filing See Uncollected Tax Report in chapter 4. Late tax filing The net amount of tax that is considered collected during the semimonthly period must be either: The net amount of tax reflected in the separate account for the corresponding semimonthly period of the preceding month, or One-half of the net amount of tax reflected in the separate account for the preceding month. Late tax filing Special rule for deposits of taxes in September. Late tax filing See the Instructions for Form 720 for a special rule on deposits made in September. Late tax filing Amount of Deposits Deposits for a semimonthly period generally must be at least 95% of the net tax liability for that period unless the safe harbor rule (discussed later) applies. Late tax filing Generally, you do not have to make a deposit for a period in which you incurred no tax liability. Late tax filing Net tax liability. Late tax filing Your net tax liability is your tax liability for the period minus any claims on Schedule C (Form 720) for the period. Late tax filing You may figure your net tax liability for a semimonthly period by dividing your net liability incurred during the calendar month by two. Late tax filing If you use this method, you must use it for all semimonthly periods in the calendar quarter. Late tax filing Do not reduce your liability by any amounts from Form 720X. Late tax filing Safe Harbor Rule The safe harbor rule applies separately to deposits under the regular method and the alternative method. Late tax filing Persons who filed Form 720 for the look-back quarter (the 2nd calendar quarter preceding the current quarter) are considered to meet the semimonthly deposit requirement if the deposit for each semimonthly period in the current quarter is at least 1/6 (16. Late tax filing 67%) of the net tax liability reported for the look-back quarter. Late tax filing For the semimonthly period for which the additional deposit is required, the additional deposit must be at least 11/90 12. Late tax filing 23%), 10/90 (11. Late tax filing 12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. Late tax filing Also, the total deposit for that semimonthly period must be at least 1/6 (16. Late tax filing 67%) of the net tax liability reported for the look-back quarter. Late tax filing Exceptions. Late tax filing The safe harbor rule does not apply to: The 1st and 2nd quarters beginning on or after the effective date of an increase in the rate of tax unless the deposit of taxes for each semimonthly period in the calendar quarter is at least 1/6 (16. Late tax filing 67%) of the tax liability you would have had for the look-back quarter if the increased rate of tax had been in effect for that look-back quarter, Any quarter if liability includes any tax not in effect throughout the look-back quarter, or For deposits under the alternative method, any quarter if liability includes any tax not in effect throughout the look-back quarter and the month preceding the look-back quarter. Late tax filing Requirements to be met. Late tax filing For the safe harbor rule to apply, you must: Make each deposit timely at an authorized financial institution, and Pay any underpayment for the current quarter by the due date of the return. Late tax filing The IRS may withdraw the right to make deposits of tax using the safe harbor rule from any person not complying with these rules. Late tax filing Tax rate increases. Late tax filing You must modify the safe harbor rule if there has been an increase in the rate of tax. Late tax filing You must figure your tax liability in the look-back quarter as if the increased rate had been in effect. Late tax filing To qualify for the safe harbor rule, your deposits cannot be less than 1/6 of the refigured tax liability. Late tax filing Prev Up Next Home More Online Publications
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Page Last Reviewed or Updated: 13-Mar-2014
The Late Tax Filing
Late tax filing Publication 971 - Introductory Material Table of Contents What's New IntroductionOrdering forms and publications. Late tax filing Questions about innocent spouse relief. Late tax filing Useful Items - You may want to see: What's New Expanded filing deadline for equitable relief. Late tax filing The period of time in which you may request equitable relief has been expanded. Late tax filing See How To Request Relief later. Late tax filing More information. Late tax filing For more information about the latest developments on Publication 971, go to www. Late tax filing irs. Late tax filing gov/pub971. Late tax filing Introduction When you file a joint income tax return, the law makes both you and your spouse responsible for the entire tax liability. Late tax filing This is called joint and several liability. Late tax filing Joint and several liability applies not only to the tax liability you show on the return but also to any additional tax liability the IRS determines to be due, even if the additional tax is due to income, deductions, or credits of your spouse or former spouse. Late tax filing You remain jointly and severally liable for the taxes, and the IRS still can collect from you, even if you later divorce and the divorce decree states that your former spouse will be solely responsible for the tax. Late tax filing In some cases, a spouse (or former spouse) will be relieved of the tax, interest, and penalties on a joint tax return. Late tax filing Three types of relief are available to married persons who filed joint returns. Late tax filing Innocent spouse relief. Late tax filing Separation of liability relief. Late tax filing Equitable relief. Late tax filing Married persons who did not file joint returns, but who live in community property states, may also qualify for relief. Late tax filing See Community Property Laws , later. Late tax filing This publication explains these types of relief, who may qualify for them, and how to get them. Late tax filing You can also use the Innocent Spouse Tax Relief Eligibility Explorer at IRS. Late tax filing gov by entering “Innocent Spouse” in the search box. Late tax filing What this publication does not cover. Late tax filing This publication does not discuss injured spouse relief. Late tax filing You are an injured spouse if your share of the overpayment shown on your joint return was, or is expected to be, applied (offset) against your spouse's legally enforceable past-due federal taxes, state income taxes, state unemployment compensation debts, child or spousal support payments, or a federal nontax debt, such as a student loan. Late tax filing If you are an injured spouse, you may be entitled to receive a refund of your share of the overpayment. Late tax filing For more information, see Form 8379, Injured Spouse Allocation. Late tax filing Comments and suggestions. Late tax filing We welcome your comments about this publication and your suggestions for future editions. Late tax filing You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Late tax filing NW, IR-6526 Washington, DC 20224 We respond to many letters by telephone. Late tax filing Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Late tax filing You can email us at taxforms@irs. Late tax filing gov. Late tax filing Please put “Publications Comment” on the subject line. Late tax filing You can also send us comments from www. Late tax filing irs. Late tax filing gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. Late tax filing ” Although we cannot respond individually to each email, we do appreciate your feedback and will consider your comments as we revise our tax products. Late tax filing Ordering forms and publications. Late tax filing Visit www. Late tax filing irs. Late tax filing gov/formspubs to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Late tax filing Internal Revenue Service 1201 N. Late tax filing Mitsubishi Motorway Bloomington, IL 61705-6613 Questions about innocent spouse relief. Late tax filing The IRS can help you with your request for innocent spouse relief. Late tax filing If you are working with an IRS employee, you can ask that employee, or you can call 866-897-4270. Late tax filing Useful Items - You may want to see: Publications 504 Divorced or Separated Individuals 555 Community Property 556 Examination of Returns, Appeal Rights, and Claims for Refund 594 The IRS Collection Process Forms (and Instructions) 8857 Request for Innocent Spouse Relief Prev Up Next Home More Online Publications