Monthly tax deposit issue
I work for a small nonprofit and our quarterly payroll tax obligation hovers around the $2500 liability limit for making monthly tax deposits. Since I never know if I'm going to be above or below the $2500 mark, I've been making monthly tax deposits for the past couple of years. But last month I was out of the country and making the monthly deposit (by Feb 15) slipped my mind. This would have been the first monthly payment of the quarter.
Pub 15 states that a business may make quarterly payments if "Your Form 941 total tax liability for either the current quarter or the prior quarter is less than $2,500, and you didn't incur a $100,000 next-day deposit obligation during the current quarter." My prior quarter is just below the $2500 mark - does that mean I'm OK if I don't make monthly tax deposits this quarter even if this quarter's liability goes over the $2500 mark? And would you recommend going ahead and making a 2-month deposit in this month, or would that raise a red flag and I should just wait and make the entire quarterly payment with my 941? I don't know if this quarter's liability total will be over or under the $2500 mark.