 Employer Tax Obligations
State Wage and Tax Facts
Don't expect the government to be lenient. You must honor all of your business tax obligations. The law provides penalties for not filing returns or paying taxes as required. Criminal penalties may be imposed for willful failure to file, tax evasion, or making a false statement.
Take your tax returns seriously. If you do not file your business tax returns by their due dates, you may have to pay penalties. The penalties are based on the tax not paid by the due date. See your tax return instructions for more information about these penalties.
Pay up or pay the price. If you do not pay your taxes by the due date, you will have to pay a penalty for each month, or part of a month, that your taxes are not paid.
Report, report, report. If you don't file information returns as required, you will be subject to the following:
- If you don't file by the due date, if you do not include all the required information, or if you report incorrect information, you will be penalized.
- If you don't furnish correct payee statements, or if it is not submitted by the required date, or lacks information, you may face penalties.
The good news: However, if you can show that the failures were due to reasonable cause and not willful neglect, the penalties may not apply.
Remember: Your taxpayer identification number is critical. If you don't include it, or that of another taxpayer, where required on a return, statement, or other document, you may be subject to a penalty of $50 for each failure. You may also be subject to the $50 penalty if you do not give your taxpayer identification to another person when it is required on a return, statement, or other document.
You need to concentrate on other aspects of running your business. Why not leave compliance issues to an expert like ADP, who will save you time and money? Learn more about ADP’s tax and compliance services for small business.
For a Fast Wage and Tax Fact Sheet for your State, click on the following ADP links for each State. Please keep in mind that many States also have local and city taxes.
 Back to Top
The "New Business" section is not intended to replace
legal or accounting services. If legal, accounting, or other professional
assistance is required, the service of an attorney or certified public
accountant should be sought.
|
