tailieunhanh - Podcast Accounting Best Practices_9

Tham khảo tài liệu 'podcast accounting best practices_9', tài chính - ngân hàng, kế toán - kiểm toán phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 322 General Best Practices As an example of how the process works a user accesses the Official Payments Web site or calls its automated phone service at 1-800-2PAY-TAX and selects the type of tax to be paid which can be either federal income taxes state income taxes state sales and use taxes or local personal property taxes. The user then enters the tax identification number of the company for whom the payment is being made and credit card payment information and receives a confirmation number from the system. Official Payments then forwards the payment to the selected government. The user must still file the usual tax return document which the tax jurisdiction will match to the forwarded payment. The user should retain the confirmation number with his copy of the tax return for proof of payment. Cost Installation time 13-22 Reduce Tax Penalties with Internet-Based Penalty Modeling When a company misses making a tax deposit to the IRS the IRS always applies the next deposit received to the missing deposit even though the next deposit received may apply to a different payment period. This creates a cascading series of penalties because the first penalty will still be recorded in the IRS database as having been received late as well as the second deposit since it was applied to the first deposit and so on. The result can be quite hefty penalty and interest payments that range from 2 percent to 15 percent of each missing deposit. In 1998 the IRS adopted a new tax law provision that allows taxpayers 90 days from the date of a tax penalty notice to designate how the IRS should apply their deposits to taxes due. The details of this provision are contained within the IRS Revenue Procedure 99-10. The IRS also has a 98 Rule that allows a taxpayer to deposit at least 98 percent of the amount due and still avoid being assigned a penalty for underpayment though the missing amount must be paid shortly thereafter . One can call the toll-free IRS number listed on the penalty .

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