59-10-407 - Withholding tax prepayments.
59-10-407. Withholding tax prepayments.
(1) This section does not apply to an employer filing a withholding tax return for a periodunder this part other than a quarterly period.
(2) (a) Any employer whose withholding tax liability under Section 59-10-402 isestimated to average an amount designated by the commission by rule shall make a monthlyprepayment of the amount required to be paid by Section 59-10-406 for each monthly period ofeach quarterly period.
(b) An employer that makes a monthly prepayment described in this Subsection (2) shallmake the monthly prepayment as provided in this section until the commission notifies theemployer in writing.
(c) (i) An employer shall file a form with a monthly prepayment.
(ii) The commission shall prescribe and furnish the form described in Subsection(2)(c)(i).
(iii) An employer shall make a monthly prepayment and file the form described inSubsection (2)(c)(i) on or before the last day of the month after the end of each monthly period ofeach quarterly period.
(3) In determining whether an employer's estimated withholding tax liability will averagean amount that requires a monthly prepayment, the commission may consider:
(a) a return filed pursuant to Section 59-10-406; or
(b) information in the commission's possession or that may come into the commission'spossession.
(4) The penalties and interest for failure to make a monthly prepayment and file the formdescribed in Subsection (2)(c)(i) by the due date described in Subsection (2)(c)(iii) are the sameas the penalties and interest under Sections 59-1-401 and 59-1-402 relating to payment of a tax,fee, or charge or filing a return.
Amended by Chapter 33, 2009 General Session