The Federal Tax Calendar Template is an example of when tax payments are due. The dates on COM101-2 FEDERAL TAX CALENDAR are not inclusive of every tax or fee that is required for all businesses. The dates or taxes required may vary based on the specific company situation, the day (based on the year, weekends, or holidays), or certain tax circumstances. The Treasury Department and or the Internal Revenue Service (IRS) collect all monies due the Federal Government.
Technically, withholding amounts deducted from a paycheck are considered the government’s money and the business owner is temporarily holding the money, in deposit, until it can be transferred to the government. Any failure to pay in a timely fashion is considered a serious matter by the IRS and will not be ignored. The IRS will impose a penalty for failing to pay the required withholding amounts. In addition, interest will be charged until the amount is paid. Both interest and penalties imposed by the IRS can add up significantly.