engines fast
Jul 16, 2008, 07:57 AM
I recently joined a brand new company, and have had to completely set up all areas in the accounting office. I have received all Sales Tax forms to remit, but have not received anything regarding payroll tax. Who should I call to find out where the packet of remittance coupons and other necessary reports are? I believe that I have a deadline looming over me right now, and don't want to start on the wrong foot with the Federal Government. Thank you. Carla
morgaine300
Jul 19, 2008, 11:27 PM
I don't feel completely qualified to answer this but no one else has touched it for the moment. It's about five years since I've done payroll, so not only is my memory shady, but I'm sure something has changed.
I used the EFTPS filing method, which used to be a thing where I called on the phone and punched in a bunch of numbers. Looking it up on the IRS site just now, it's now being done on the internet. (Big surprise.)
EFTPS: The Electronic Federal Tax Payment System (http://www.irs.gov/efile/article/0,,id=98005,00.html)
I don't recall how long it took to enroll in it, but it's possible a payment or two would be due before you could do this.
If this were me, I'd likely call the bank and ask them what to do. Those coupons always went to the bank and they are quite used to handling it. I've kind of got a vague memory that while I was once waiting to get entrolled in the EFTPS that I actually used the bank to do a bank-to-bank transfer (probably a wire transfer at the time), just by giving them all the info on the phone. This is why I suggest calling them.
Do you know for sure that this new company has applied for a tax ID number? Do you have the paperwork for this or see this number on other tax forms? You should get a Circular E, and you should also be getting all the forms to file quarterly. Unless you quite literally just had your first payroll, if you had anything June or back, you've also got quarterly forms due soon. You need to be filing a 941. I don't know if you have any federal unemployment due -- depends on the amount due. (Although you don't file the form until year-end.) And there's state and local too. I don't know where you're at, so you'd have to check with the state tax office to see about that. If your locality is big enough, there could be a local office for the state where you can pick up forms. And you need to check with your city also if it has tax withholdings -- and those can be picked up in person if necessary. Keep in mind all of these forms can be generic, that is, without your company info already printed on them.
Here's the online version of the Circular E. If you don't have it yet, be a good idea to read through this.
Publication 15 (2008), (Circular E), Employer's Tax Guide (http://www.irs.gov/publications/p15/index.html)