CPP Review Course. Section 8 Depositing and Reporting Withheld Taxes Part 2. 8.7 Penalties for Late Reporting and Paying Tax. Late filing of employment tax returns results in an â€œaddition to taxâ€
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Depositing and Reporting Withheld Taxes
Six-part form sent to the employee, the SSA, state, local taxing agencies & employer copy
Employee copy must be made available to the employee by January 31st of the year following the reporting year.
Annual statement sent to a nonemployee payee & a copy is sent to the IRS (not SSA) along with a transmittal Form 1096. Helps the IRS determine whether individuals are reporting all their taxable nonwage income on their personal return.