What are the penalties if my foreign-owned LLC is late on payroll tax deposits or filings?
I'm behind on payroll tax deposits for my foreign-owned LLC. I missed two monthly EFTPS deposits and I'm panicking. How bad are the penalties? I've heard the IRS is extremely aggressive about employment tax compliance. Are there different penalties for late deposits vs. late filing of Form 941? Is there any way to get penalties reduced or waived? I want to understand exactly what I'm facing so I can fix this.
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