Ask the Tax Professional | Dominion Payroll

Q: What can I do to make sure that my taxes are paid well timed and in full going into the 2023 new 12 months?

A: Yearly beginning in November (generally as early as October!) tax companies will ship out unemployment charge updates, withholding frequency updates, and different updates about your accounts which can be pertinent to make sure correct submitting and paying.  As quickly as you obtain these, ahead them to Dominion Payroll at in order that as quickly as 2023 begins, we are able to file and pay on the right charges and frequencies.  It will lead to no under-payments, no lacking returns, and NO delinquent notices!  Meaning a stress-free 2023!!

Q: I do ahead my tax charge and frequency replace notices as quickly as I get them, however generally I nonetheless get delinquent notices.  What’s going on?  Are you not paying my taxes?

A: Verify to make sure that we’ve all of your account numbers.  In iSolved, go to Reporting > Report Archive and underneath Output Merchandise for the latest payroll, choose “Exceptions – Invalid Tax ID” and View Report.  It can present you if we’re lacking any tax IDs.  As know-how progresses, most tax companies have adopted digital mandates for each returns and funds.  Dominion Payroll can not abide by these mandates except they’ve the proper account numbers on file for you as returns and funds can’t be despatched electronically with out an account quantity that’s related to your FEIN.  YES- which means that for lots of state companies we can not file or pay in your behalf as a result of the state is not going to settle for even paper returns or test funds!

No account quantity may cause a ripple impact together with your taxes.  For instance, if we don’t have your account quantity for VA unemployment in 2023 Q1, then your Q1 return is probably not processed and fee is probably not accepted, which incurs penalty and curiosity.  If you happen to present your account quantity earlier than we file Q2, we are able to file and pay Q2 precisely, however a few of the Q2 fee will probably be used to pay the penalty and curiosity on Q1, which is able to depart Q2 underpaid… after which Q2 will incur penalty and curiosity!  As well as, if the company has not completed processing the Q1 return by the point we file Q2, taxable wages in Q2 could superficially be elevated since no taxable wages have been processed but in Q1.  It will trigger the company to invoice further tax on taxable wages that needs to be there within the first place!

Subsequently, to keep away from any ripples originating in Q1, please be sure that we’ve all the required data wanted to course of your taxes precisely so as to sit again, chill out, and benefit from the New Yr!


Have questions you want to ask our tax specialists? Click on HERE to submit your questions.

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