2010 Turbotax Download
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2010 Turbotax Download
2010 turbotax download 13. 2010 turbotax download Payment of Taxes Table of Contents How To Make Deposits When To Make Deposits Amount of DepositsSafe Harbor Rule Generally, semimonthly deposits of excise taxes are required. 2010 turbotax download A semimonthly period is the first 15 days of a month (the first semimonthly period) or the 16th through the last day of a month (the second semimonthly period). 2010 turbotax download However, no deposit is required for the situations listed below; the taxes are payable with Form 720. 2010 turbotax download The net liability for taxes listed in Part I (Form 720) does not exceed $2,500 for the quarter. 2010 turbotax download The gas guzzler tax is being paid on a one-time filing. 2010 turbotax download The liability is for taxes listed in Part II (Form 720), except for the floor stocks tax which generally requires a single deposit. 2010 turbotax download How To Make Deposits Electronic deposit requirement. 2010 turbotax download You must use electronic funds transfer to make excise tax deposits. 2010 turbotax download Generally, electronic funds transfers are made using the Electronic Federal Tax Payment System (EFTPS). 2010 turbotax download If you do not want to use EFTPS, you can arrange for your tax professional, financial institution, payroll service, or other trusted third party to make deposits on your behalf. 2010 turbotax download Also, you may arrange for your financial institution to initiate a same-day wire payment on your behalf. 2010 turbotax download EFTPS is a free service provided by the Department of Treasury. 2010 turbotax download Services provided by your tax professional, financial institution, payroll service, or other third party may have a fee. 2010 turbotax download To get more information about EFTPS or to enroll in EFTPS, visit www. 2010 turbotax download eftps. 2010 turbotax download gov or call 1-800-555-4477. 2010 turbotax download Additional information about EFTPS is also available in Publication 966, Electronic Federal Tax Payment System: A Guide to Getting Started. 2010 turbotax download Depositing on time. 2010 turbotax download For EFTPS deposits to be on time, you must initiate the transaction at least 1 day before the date the deposit is due (before 8:00 p. 2010 turbotax download m. 2010 turbotax download Eastern time). 2010 turbotax download You will automatically be enrolled in EFTPS when you apply for an EIN. 2010 turbotax download You will receive a separate mailing containing instructions for activating your EFTPS enrollment after you receive your EIN. 2010 turbotax download When To Make Deposits There are two methods for determining deposits: the regular method and the alternative method. 2010 turbotax download The regular method applies to all taxes in Part I of Form 720 except for communications and air transportation taxes if deposits are based on amounts billed or tickets sold, rather than on amounts actually collected. 2010 turbotax download See Alternative method below. 2010 turbotax download If you are depositing more than one tax under a method, combine all the taxes under the method and make one deposit for the semimonthly period. 2010 turbotax download Regular method. 2010 turbotax download The deposit of tax for a semimonthly period is due by the 14th day following that period. 2010 turbotax download Generally, this is the 29th day of a month for the first semimonthly period and the 14th day of the following month for the second semimonthly period. 2010 turbotax download If the 14th or the 29th day falls on a Saturday, Sunday, or legal holiday, you must make the deposit by the immediately preceding day that is not a Saturday, Sunday, or legal holiday. 2010 turbotax download Alternative method (IRS Nos. 2010 turbotax download 22, 26, 27, and 28). 2010 turbotax download Deposits of communications and air transportation taxes may be based on taxes included in amounts billed or tickets sold during a semimonthly period instead of on taxes actually collected during the period. 2010 turbotax download Under the alternative method, the tax included in amounts billed or tickets sold during a semimonthly period is considered collected during the first 7 days of the second following semimonthly period. 2010 turbotax download The deposit of tax is due by the 3rd banking day after the 7th day of that period. 2010 turbotax download For an example of the alternative method, see the Instructions for Form 720. 2010 turbotax download To use the alternative method, you must keep a separate account of the tax included in amounts billed or tickets sold during the month and report on Form 720 the tax included in amounts billed or tickets sold and not the amount of tax that is actually collected. 2010 turbotax download For example, amounts billed in December, January, and February are considered collected during January, February, and March and are reported on Form 720 as the tax for the 1st quarter of the calendar year. 2010 turbotax download The separate account for each month must reflect: All items of tax included in amounts billed or tickets sold during the month, and Other items of adjustment relating to tax for prior months (within the statute of limitations on credits or refunds). 2010 turbotax download The separate account for any month cannot include an adjustment resulting from a refusal to pay or inability to collect unless the refusal has been reported to the IRS. 2010 turbotax download See Uncollected Tax Report in chapter 4. 2010 turbotax download The net amount of tax that is considered collected during the semimonthly period must be either: The net amount of tax reflected in the separate account for the corresponding semimonthly period of the preceding month, or One-half of the net amount of tax reflected in the separate account for the preceding month. 2010 turbotax download Special rule for deposits of taxes in September. 2010 turbotax download See the Instructions for Form 720 for a special rule on deposits made in September. 2010 turbotax download Amount of Deposits Deposits for a semimonthly period generally must be at least 95% of the net tax liability for that period unless the safe harbor rule (discussed later) applies. 2010 turbotax download Generally, you do not have to make a deposit for a period in which you incurred no tax liability. 2010 turbotax download Net tax liability. 2010 turbotax download Your net tax liability is your tax liability for the period minus any claims on Schedule C (Form 720) for the period. 2010 turbotax download You may figure your net tax liability for a semimonthly period by dividing your net liability incurred during the calendar month by two. 2010 turbotax download If you use this method, you must use it for all semimonthly periods in the calendar quarter. 2010 turbotax download Do not reduce your liability by any amounts from Form 720X. 2010 turbotax download Safe Harbor Rule The safe harbor rule applies separately to deposits under the regular method and the alternative method. 2010 turbotax download Persons who filed Form 720 for the look-back quarter (the 2nd calendar quarter preceding the current quarter) are considered to meet the semimonthly deposit requirement if the deposit for each semimonthly period in the current quarter is at least 1/6 (16. 2010 turbotax download 67%) of the net tax liability reported for the look-back quarter. 2010 turbotax download For the semimonthly period for which the additional deposit is required, the additional deposit must be at least 11/90 12. 2010 turbotax download 23%), 10/90 (11. 2010 turbotax download 12%) for non-EFTPS, of the net tax liability reported for the look-back quarter. 2010 turbotax download Also, the total deposit for that semimonthly period must be at least 1/6 (16. 2010 turbotax download 67%) of the net tax liability reported for the look-back quarter. 2010 turbotax download Exceptions. 2010 turbotax download The safe harbor rule does not apply to: The 1st and 2nd quarters beginning on or after the effective date of an increase in the rate of tax unless the deposit of taxes for each semimonthly period in the calendar quarter is at least 1/6 (16. 2010 turbotax download 67%) of the tax liability you would have had for the look-back quarter if the increased rate of tax had been in effect for that look-back quarter, Any quarter if liability includes any tax not in effect throughout the look-back quarter, or For deposits under the alternative method, any quarter if liability includes any tax not in effect throughout the look-back quarter and the month preceding the look-back quarter. 2010 turbotax download Requirements to be met. 2010 turbotax download For the safe harbor rule to apply, you must: Make each deposit timely at an authorized financial institution, and Pay any underpayment for the current quarter by the due date of the return. 2010 turbotax download The IRS may withdraw the right to make deposits of tax using the safe harbor rule from any person not complying with these rules. 2010 turbotax download Tax rate increases. 2010 turbotax download You must modify the safe harbor rule if there has been an increase in the rate of tax. 2010 turbotax download You must figure your tax liability in the look-back quarter as if the increased rate had been in effect. 2010 turbotax download To qualify for the safe harbor rule, your deposits cannot be less than 1/6 of the refigured tax liability. 2010 turbotax download Prev Up Next Home More Online Publications
Letter 2271C Frequently Asked Questions (FAQs)
What is the letter telling me?
This letter confirms your financial request for an Installment Agreement has been approved. It explains the fees we charge for establishing your agreement. It also explains what to do if you qualify for a Low Income Fee Reduction. This letter can also request missing information need based on the financial you previously provided.
What do I have to do?
The letter tells you what your payment due date is. You should mail your payment to us 10 days prior to the due date. It tells you what items you need to put on your check so it can be correctly identified and applied to your account. If the letter is requesting more information, please provid the requested information.
How much time do I have?
The letter tells you the date when you first payment is due or the date you should return the requested information.
What happens if I don't take any action?
If installment payments are not received as agreed or requested documentation is not received, we can proceed with enforcement action and may file a levy on your wages or bank account or file a lien on your personal property.
Who should I contact?
If you have any questions about this letter, call us at the number printed in the letter. The person who answers the phone will assist you.
What if I don't agree or have already taken corrective action?
If you do not agree with this letter, call us immediately at the number included. We will do our best to help you. If you have called us about this matter before, but we did not correct the problem, you may want to contact the Office of the Taxpayer Advocate.
Page Last Reviewed or Updated: 30-Jan-2014
The 2010 Turbotax Download
2010 turbotax download Publication 939 - Additional Material Prev Up Next Home More Online Publications