HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM RE A
FILE ID • /�
Date: 01 /08/2010 Requesting Department: Employee Rela Law Department
Commission Meeting Date: 01/28/2010 District Impacted: All Matter ID No.
Y ,
Type: 0 Resolution ❑ Ordinance [I Emergency Ordinance [] Discussion Item ``
❑ Other
Subject: Payment of IRS 4`I' Quarter 2008—Fa-x—Liability
Purpose of Item:
To authorize the City Manager to pay the tRS monies owed for penalties and interest associated with the
untimely deposit of the City's 4th Quarter 2008 tax liability.
Background Information:
The IRS placed a levy on City -held bank accounts in the amount of $182,464.17 for penalties assessed due to
clerical errors on the City's Form 941 Schedule B for the tax periods ending on September 30, 2007 and
December 31, 2007, as well as for the late deposit of payroll taxes for the tax period ending December 31,
2008.
The City was able to abate the September 30, 2007 and December 31, 2007 penalties by providing corrected
Form 941 Schedule B forms, but it was not able to abate the penalties and interest associated with the late
deposit of the 4th Quarter 2008 payroll tax liability. Together with interest, the City owes the IRS a total of
$54,188.47.
The IRS granted the City an extension to pay the balance no later than February 2, 2010.
Budget Impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No: aro ggboo. 5-490oo. cor,, o6o v
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: ,$Sy( Ill. 17
CIP
If using or receiving capital funds
Final Approvals
ISIGN AND DATE)
Budgelt�` _ (\WJ��-'2,-*�A:—
Grants Risk Management _
P hasingn Dept. Director
Chief City Manager
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