Today's Tax Minute

The radio program "Tax Minute" can be heard every weekday morning at 6:25 on WCRN 830 AM.

LATE TAX DEPOSIT
There's good news out there for small businesses that made late tax deposits. Businesses with good compliance records can get the penalties waived. A business that has made timely deposits for at least the past three years can get a late deposit penalty abated simply by notifying the IRS. For businesses out there with less than perfect deposit records, there may be relief available as well, but you'll have to demonstrate reasonable cause for the delay. In addition, small businesses that make deposits electronically for four straight quarters are eligible to receive automatic refunds of late deposit penalties on previous deposits made with paper coupons.

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