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The Online Advisor - July 1998
New Business: Payroll deposit limit increases
A third of the nation's businesses will get a break on employment tax deposits. The IRS recently announced that employers with less than $1,000 of payroll taxes due for a return period will not have to make monthly tax deposits any longer. Instead, they can send payment with the return filed for that period. The new threshold applies to quarterly returns for periods beginning July 1, 1998, and to annual returns for periods beginning January 1, 1999.