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Pay your federal tax liability when it's over $100,000
by Intuit•2• Updated 1 week ago
Learn what to do when a federal tax liability exceeds $100,000.
When any single payroll (or a combination of payrolls within an assigned deposit period) has a federal tax liability amount of $100,000 or more, the $100,000 Next-Day Deposit Rule applies. This means the tax must be paid by the next banking day. It's important to make this payment on time. The IRS penalty for a late next-day tax deposit is automatically 10% of your 941 taxes due.
Note: Per IRS, your tax payments will be due on a semi-weekly schedule for the remainder of the year and the following year. |
Select your payroll service below to find out when to send your payroll, or how to make the tax payment.
Note: Not sure which payroll service you have? Here's how to find your payroll service. |
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