This episode of Kaizen Time explores the potential pitfalls of missed tax payments for small businesses. We discuss the various types of missed payments, from estimated taxes for S Corps and C Corps to payroll taxes and corporate tax returns, and the resulting penalties and interest. Learn how to minimize penalties by catching up on payments quickly and understanding the IRS's calculation methods. We also cover strategies for abating penalties, including first-time abatement and special considerations for partnerships. This episode provides valuable financial advice for small business owners, emphasizing the importance of staying current with tax obligations and communicating proactively with the IRS to avoid costly repercussions.
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🎙️ Kaizen Time is part of the Blood, Sweat & Business podcast series by Kaizen CPAs + Advisors. We help small business owners make smarter financial decisions—without the fluff.
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