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Preparing Form 1040x

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Preparing Form 1040x

Preparing form 1040x 13. Preparing form 1040x   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. Preparing form 1040x 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). Preparing form 1040x However, no deposit is required for the situations listed below; the taxes are payable with Form 720. Preparing form 1040x The net liability for taxes listed in Part I (Form 720) does not exceed $2,500 for the quarter. Preparing form 1040x The gas guzzler tax is being paid on a one-time filing. Preparing form 1040x The liability is for taxes listed in Part II (Form 720), except for the floor stocks tax which generally requires a single deposit. Preparing form 1040x How To Make Deposits Electronic deposit requirement. Preparing form 1040x   You must use electronic funds transfer to make excise tax deposits. Preparing form 1040x Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). Preparing form 1040x 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. Preparing form 1040x Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. Preparing form 1040x   EFTPS is a free service provided by the Department of Treasury. Preparing form 1040x Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. Preparing form 1040x To get more information about EFTPS or to enroll in EFTPS, visit www. Preparing form 1040x eftps. Preparing form 1040x gov or call 1-800-555-4477. Preparing form 1040x Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. Preparing form 1040x    Depositing on time. Preparing form 1040x 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. Preparing form 1040x m. Preparing form 1040x Eastern time). Preparing form 1040x You will automatically be enrolled in EFTPS when you apply for an EIN. Preparing form 1040x You will receive a separate mailing containing instructions for activating your EFTPS enrollment after you receive your EIN. Preparing form 1040x When To Make Deposits There are two methods for determining deposits: the regular method and the alternative method. Preparing form 1040x 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. Preparing form 1040x See Alternative method below. Preparing form 1040x 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. Preparing form 1040x Regular method. Preparing form 1040x   The deposit of tax for a semimonthly period is due by the 14th day following that period. Preparing form 1040x 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. Preparing form 1040x 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. Preparing form 1040x Alternative method (IRS Nos. Preparing form 1040x 22, 26, 27, and 28). Preparing form 1040x   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. Preparing form 1040x 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. Preparing form 1040x The deposit of tax is due by the 3rd banking day after the 7th day of that period. Preparing form 1040x   For an example of the alternative method, see the Instructions for Form 720. Preparing form 1040x 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. Preparing form 1040x 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. Preparing form 1040x 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). Preparing form 1040x 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. Preparing form 1040x See Uncollected Tax Report in chapter 4. Preparing form 1040x 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. Preparing form 1040x Special rule for deposits of taxes in September. Preparing form 1040x   See the Instructions for Form 720 for a special rule on deposits made in September. Preparing form 1040x 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. Preparing form 1040x Generally, you do not have to make a deposit for a period in which you incurred no tax liability. Preparing form 1040x Net tax liability. Preparing form 1040x   Your net tax liability is your tax liability for the period minus any claims on Schedule C (Form 720) for the period. Preparing form 1040x You may figure your net tax liability for a semimonthly period by dividing your net liability incurred during the calendar month by two. Preparing form 1040x If you use this method, you must use it for all semimonthly periods in the calendar quarter. Preparing form 1040x Do not reduce your liability by any amounts from Form 720X. Preparing form 1040x Safe Harbor Rule The safe harbor rule applies separately to deposits under the regular method and the alternative method. Preparing form 1040x 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. Preparing form 1040x 67%) of the net tax liability reported for the look-back quarter. Preparing form 1040x For the semimonthly period for which the additional deposit is required, the additional deposit must be at least 11/90 12. Preparing form 1040x 23%), 10/90 (11. Preparing form 1040x 12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. Preparing form 1040x Also, the total deposit for that semimonthly period must be at least 1/6 (16. Preparing form 1040x 67%) of the net tax liability reported for the look-back quarter. Preparing form 1040x Exceptions. Preparing form 1040x   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. Preparing form 1040x 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. Preparing form 1040x Requirements to be met. Preparing form 1040x   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. Preparing form 1040x    The IRS may withdraw the right to make deposits of tax using the safe harbor rule from any person not complying with these rules. Preparing form 1040x Tax rate increases. Preparing form 1040x   You must modify the safe harbor rule if there has been an increase in the rate of tax. Preparing form 1040x You must figure your tax liability in the look-back quarter as if the increased rate had been in effect. Preparing form 1040x To qualify for the safe harbor rule, your deposits cannot be less than 1/6 of the refigured tax liability. Preparing form 1040x Prev  Up  Next   Home   More Online Publications
 

The Preparing Form 1040x

Preparing form 1040x Index A Additional Child Tax Credit How to claim the additional child tax credit, Additional Child Tax Credit Assistance (see Tax help) C Child Tax Credit Qualifying child, Child Tax Credit Claiming the Credit, Claiming the Credit E Earned Income, Earned Income F Free tax services, Free help with your tax return. Preparing form 1040x H Help (see Tax help) L Limits on the Credit AGI, Limits on the Credit Modified AGI, Limits on the Credit P Publications (see Tax help) Q Qualifying Child Adopted child, Qualifying Child Exceptions to time lived with you, Qualifying Child Qualifying child of more than one person, Qualifying Child T Tax help, How To Get Tax Help TTY/TDD information, How To Get Tax Help Prev  Up     Home   More Online Publications