The IRS will issue a Notice CP276B to employers who have not submitted their Federal Tax Deposit correctly for the quarter.
What Should You Do When You Receive an IRS Issued Notice CP276B?
If you receive a dreaded Notice CP276B, take a deep breath and follow these steps…
First, you must review the Federal Tax Deposit requirements properly so that you can avoid penalties in the future.
Next, you must correct the tax liability schedule using a copy of your tax return. You should always keep a copy of your tax return for your records.
Focus on the following to avoid penalties:
- Deposit the correct amount of tax
- Deposit by the required deadlines
- Deposit for each quarter
- Deposit electronically using the Electronic Federal Tax Payment System (EFTPS)
Will There Be A Penalty?
Usually the IRS will charge employers a penalty for late or incorrect deposits. However, this quarter the IRS has waived the penalties for employers. So, thank your lucky stars and sign up for TaxBandits. With this time-saving tax solution service you can easily file on time with no errors!
Get Started Today With TaxBandits!