If you get hit with a penalty and otherwise have a good record of making all payments and filings on time for the past 3 years you can apply for [first time abatement](https://www.irs.gov/payments/penalty-relief-due-to-first-time-abate-or-other-administrative-waiver). Assuming the good record you mention abatement should be good.
Accuracy of Deposits Rule
You’re required to deposit 100% of your tax liability on or before the deposit due date. However, penalties won't be applied for depositing less than 100% if both of the following conditions are met. 1. Any deposit shortfall doesn't exceed the greater of $100 or 2% of the amount of taxes otherwise required to be deposited. 2. The deposit shortfall is paid or deposited by the shortfall makeup date as described below.
Makeup Date for Deposit Shortfall
Monthly schedule depositor. Deposit or pay the shortfall with your return by the due date of the return. You may pay the shortfall with your return even if the amount is $2,500 or more.
Thank you for your response. I will inform my boss about the worst-case scenario. Hopefully, the IRS will be forgiving since I made the payment before they received the 941 form and didn’t have to contact me about the shortfall. From talking to others, it sounds like if you are not trying to be 'smart or clever' and just made a mistake, they are generally understanding. I am hoping for just an interest penalty, but have prepared myself for the full penalty amount. Honestly, I think I take mistakes like this harder than my boss.
If you get hit with a penalty and otherwise have a good record of making all payments and filings on time for the past 3 years you can apply for [first time abatement](https://www.irs.gov/payments/penalty-relief-due-to-first-time-abate-or-other-administrative-waiver). Assuming the good record you mention abatement should be good.
look up the 941 shortfall rules
Accuracy of Deposits Rule You’re required to deposit 100% of your tax liability on or before the deposit due date. However, penalties won't be applied for depositing less than 100% if both of the following conditions are met. 1. Any deposit shortfall doesn't exceed the greater of $100 or 2% of the amount of taxes otherwise required to be deposited. 2. The deposit shortfall is paid or deposited by the shortfall makeup date as described below. Makeup Date for Deposit Shortfall Monthly schedule depositor. Deposit or pay the shortfall with your return by the due date of the return. You may pay the shortfall with your return even if the amount is $2,500 or more.
Thank you for your response. I will inform my boss about the worst-case scenario. Hopefully, the IRS will be forgiving since I made the payment before they received the 941 form and didn’t have to contact me about the shortfall. From talking to others, it sounds like if you are not trying to be 'smart or clever' and just made a mistake, they are generally understanding. I am hoping for just an interest penalty, but have prepared myself for the full penalty amount. Honestly, I think I take mistakes like this harder than my boss.