EFTPS


P

Pico Rico

"Schedule tax payments in advance. Businesses can schedule payments up to
120 days in advance. Individuals can schedule payments up to 365 days in
advance. Scheduled payments can be changed or cancelled up to two business
days in advance of the scheduled payment date."

why do they not let businesses schedule payments up to 365 days in advance?
PITA.
 
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P

Phil Marti

why do they not let businesses schedule payments up to 365 days in advance?
PITA.
Sorry, I can't tell you why, but I'm curious about why that's a problem. What tax would a business be paying that it would know the amount of more than 120 days before it's due?

Phil Marti
VITA/TCE Volunteer
Clarksbur, MD
 
P

paulthomascpa

Phil Marti said:
Sorry, I can't tell you why, but I'm curious about why that's a problem.
What tax would a business be paying that it would know the amount of more
than 120 days before it's due?


The only thing I can think of is the FUTA tax on a single owner / single
employee business who may have maxed the FUTA for the year, but it isn't
due, necessarily, until the end of the year.

Maybe that same single owner / single employee with static payroll who wants
to set up all recurring withholding tax payments for the rest of the year.
Not that I'd recommend that, but for a couple of clients I have, it'd make
their life easier.
 
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P

Pico Rico

Phil Marti said:
Sorry, I can't tell you why, but I'm curious about why that's a problem.
What tax would a business be paying that it would know the amount of more
than 120 days before it's due?
a pretty simple corporation, and its estimated income taxes. And with
volunteer help, to boot. So it is easiest to just queue them all up at the
outset.

As long as we are on the subject, what are the safe harbor provisions? Is
it 110% of previous year's tax liability, as for individuals?
 

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