Crossed 941 Threshold OOPS

#1 03-07-2005, 09:29 AM

"Paul A Thomas" <taxman[at]negia.net> wrote:
- quote -

> "Papafrank" <maglick69[at]hotmail.com> wrote

> > Received notice my S corp. passed the 50K withholding
> > threshold, my oversight I admit. actual liability was 51k
> > just a bit over.
> > > IRS is re-calculating all 04 941. So far 3,000 in penalties
> > ( all taxes were paid on Monthlystatus)
> > > Any suggestions for a successful appeal on fines.

> If this is the first year you went over $50K in tax
> deposits, they shouldn't be sending any penalties.
> Generally the "look-back" period is July through June, and
> they send you a notice in December on how you should handle
> your tax deposits for the following calendar year. What did
> that last (December 03) notice say? If it said you were a
> semi-weekly filer, then you ~had~ to do that, even if your
> total taxes were less than $50K.

Thank you for reply, Paul

9/02 11,767
12/02 12,010
3/03 13,692 6/03 13,714 Total 51,183

Yeah I admit I crossed it and didn't check it. However I
never missed a monthly deposit in 6 years. AND upon notice
from THEirs made upto date payment in three days.

They rejected my first request for waiver.

I don't recall 03 notice.

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

03-03-2005, 10:37 PM

"Papafrank" <maglick69[at]hotmail.com> wrote

- quote -

> Received notice my S corp. passed the 50K withholding
> threshold, my oversight I admit. actual liability was 51k
> just a bit over.
> IRS is re-calculating all 04 941. So far 3,000 in penalties
> ( all taxes were paid on Monthlystatus)
> Any suggestions for a successful appeal on fines.

If this is the first year you went over $50K in tax
deposits, they shouldn't be sending any penalties.

Generally the "look-back" period is July through June, and
they send you a notice in December on how you should handle
your tax deposits for the following calendar year. What did
that last (December 03) notice say? If it said you were a
semi-weekly filer, then you ~had~ to do that, even if your
total taxes were less than $50K.

--
Paul A. Thomas, CPA
Athens, Georgia
taxman at negia.net

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

#-1 03-03-2005, 05:14 AM

Received notice my S corp. passed the 50K withholding
threshold, my oversight I admit. actual liability was 51k
just a bit over.

IRS is re-calculating all 04 941. So far 3,000 in penalties
( all taxes were paid on Monthlystatus)

Any suggestions for a successful appeal on fines.

--
THE HISTORY TEACHER

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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