October 22, 2023
If you fail to file your taxes on time, you’ll likely encounter what’s called a Failure to File Penalty. The penalty for failing to file represents 5% of your unpaid tax liability for each month your return is late, up to 25% of your total unpaid taxes.
If you’re due a refund, there’s no penalty for failure to file. Though, you do lose the chance of getting that refund.
Navigating payroll tax due dates in Washington is crucial for businesses to avoid penalties and ensure compliance. There are five key types of payroll taxes that employers should be aware of:
State Unemployment Insurance (SUI) Tax
Workers’ Compensation Insurance
Paid Family and Medical Leave Premiums
Long-Term Care Insurance (WA Cares Fund)
State Wage Tax Withholding
Penalties and interest are due when taxes are not filed and paid by the due date. The penalty rate varies depending on if it is paid within the first 30 days, 60 days or past 60 days.
Every year, foreign and domestic businesses are required to file an annual report to keep their UBI active and remain in good standing. The Annual Report is due by the last day of the month in which the business was originally formed. For example, if the business is incorporated on March 4th of this year, its Annual Report is due by March 31st the following year and each year thereafter.
We estimate the taxes you will owe IRS as part of any extension filing to avoid the penalty and minimize the interests
Keeping track of these dates and filing requirements can be overwhelming and complex. We offer tax services that include processing all these taxes including necessary e-filing by us on your behalf. Contact us at RCS if you need help.