Hacker Newsnew | past | comments | ask | show | jobs | submitlogin
Withholding requirement?
1 point by cholo9 on July 31, 2011 | hide | past | favorite | 3 comments
I started an LLC in NY with LegalZoom back in January and have not been paying much attention to the "WITHHOLDING REQUIREMENTS". I don't have employees and I'm not getting paid, do I need to file this?


You do need to file the Federal 941/940 Payroll/FUTA - quarterly withholding forms - will all zeros if you have no employees and no payroll. You should be able to download all the forms and instructions from the IRS website. You may also need to do the same with local NY payroll forms (once a month/quarter) - check on their website.


What are the penalty for not doing so?


As long as you had 0 liability for taxes - which would be the case if you had no payroll, there should be no penalties, even if they are filed late. AFAIK.




Guidelines | FAQ | Lists | API | Security | Legal | Apply to YC | Contact

Search: