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The Online Advisor - May 1999
Tax deposit rules for businesses change again. Yes, again.
The IRS has issued proposed rules that once again change the requirements for businesses that deposit federal taxes. Previously, businesses that deposited more than $50,000 of federal taxes annually faced penalties if they did not make those deposits electronically after June 30, 1999.
Effective January 1, 2000, the IRS will require electronic deposit only if the business deposited more than $200,000 in federal taxes during 1998. Penalty relief for failure to deposit electronically will run through December 31, 1999.