| IRS granting relief of penalties on late payroll tax deposits.
There is good news for small businesses that have made late tax deposits. The IRS has announced "that Firms with good compliance records may get their penalties abated.!"
The IRS has stated "a firm can get a late-deposit penalty waived simply by notifying to the IRS, that it has made deposits on time for at least the past three years."
But, it is also worth noting that the IRS is also granting this relief to "businesses with less perfect deposit records, if they can demonstrate reasonable cause for the delay."
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