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What is Tax Compliance & Why is it important?
In short it means all tax returns have been filed and tax has been paid timely. In general, a taxpayer needs to take the following steps to get into tax compliance:
file all tax returns due on time if you are an employee, sufficient taxes need to be withheld to cover your tax bill if you are self-employed, estimated tax payments need to be made each quarter as required if you are a business, payroll taxes need to be deposited on time for each period all future tax returns that are due must be filed in a timely manner Self employed individuals need to file quarterly estimated tax payments with the Form 1040 ES by the following due dates- April 15, June 15, September 15 and January 15
If you are a business, then the employer needs to file and pay the taxes withheld from their employees on a quarterly basis with the Form 941
A taxpayer needs to get into compliance and maintain compliance to avoid getting into trouble with the IRS. Failing to file a tax return or filing a tax return with balance due sets off a host of terrible problems with the IRS including penalties, notices and stress!
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