When Do I Make My Federal Employment Tax Deposits (FTDs)?
At M&M we constantly remind our business clients that tax compliance is the number one priority in resolving their tax debt. This means making all employment tax deposits on time and in full, and filing all tax returns timely with full payment. This is great advice, but if we left it at that, some of our clients wouldn’t get very far. It is important to know when you, as a business owner, are required to make your payroll tax deposits.
IRS Notice 931 outlines a business owner’s employment tax deposit responsibilities, including the question of when to make them. In most cases, businesses are either monthly or semiweekly depositors, which is determined by a business’ Look Back Period, outlined in IRS Notice 931.
M&M’s Expert Tax Resolution Teams advise our business clients to make employment tax deposits with each payroll, according to the semiweekly schedule, whether they are required to or not. Getting into the habit of making regular deposits according to the semiweekly deposit schedule helps our clients gain compliance easier than coming up with a larger sum of money once per month or once per quarter.
M&M Financial is your tax debt resolution expert. Contact us to find out how M&M’s Tax Resolution System can help you resolve your tax liability problems once and for all.