941 payments due, banks closed due to weather.

[wvjules]

I ran some errands to make 941 deposits today but one bank had all of its offices closed. Needless to say the 941 payment that was due by 2pm today won't get made until tomorrow. Do you think the IRS will make an exception in cases like these?

 

[nativetxn]

I sure hope so, but knowing the IRS, probably not.

 

[Happy2Be]

I think it's always a good idea to pay your bills on time.

 

[Disney845]

Originally posted by wvjules
Do you think the IRS will make an exception in cases like these?

I doubt it. They will probably assume you should have had ample time to pay it before the weather caused the banks to close.

 

[jfulcer]

I did some quick searching about Form 941 being paid late, and came across this:

The first thing to consider is to ask the IRS to abate (eliminate) the payroll tax penalty. This is very feasible if the underpayment of the payroll tax deposit is the exception, not the rule. For example, if a new business was late with its first payroll deposit, but paid all other payroll deposits on time, the business might be able to get the payroll penalty abated. Another example would be a business that had a long history of paying payroll deposits on time, but was late for one deposit only. Basically, to get the IRS to abate a payroll tax penalty, the employer needs to show that the late payroll deposit payment was an unusual event. If the payroll tax penalties cannot be abated, you should look at other strategies.

I think this snowstorm you had would be considered an 'unusual' event. I suppose this is *if* you get penalized for filing it late.

Here is the link: Click here

 

[wvjules]

Originally posted by Happy2Be
I think it's always a good idea to pay your bills on time.

Gee, ya think!?!?!? It would have been on time, but the bank was closed. I think it will be fine. This particular client has never missed or had a late payment. If he gets a fine, then we'll write a letter and see what they can/will do.

 

[PamOKW]

Jules, I think you'll be fine and, if not, you'll pursue the problem with a letter. Since the government offices in DC were closed yesterday and today, I'm sure the IRS is aware there was a snowstorm on the East Coast.

 

[tax58]

I recommend that you look into EFTPS (Electronic Federal Tax Payment System). We use the internet to make the payments and never have to make a deposit at the bank any more. You can sign up at www.eftps.com. This has been very painless for us.