Failure to deposit penalties on some employers claiming new tax credits
News
Wednesday, September 9, 2020

Failure to deposit penalties on some employers claiming new tax credits

By Payroll and Entitlements Editorial Staff

The IRS is aware that a small population of employers that reduced tax deposits in anticipation of claiming the sick and family leave credits, or employee retention credit, may have received a notice stating there was a failure to deposit penalty applicable to the Form 941 on which the credits were claimed. The IRS is taking actions to identify these employer accounts and correct them as soon as possible. (e-News for Small Business Issue 2020-15, September 3, 2020).

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