JimTaxes Posted April 16, 2021 Report Share Posted April 16, 2021 there was not enough in the account to cover client's taxes where I had come out of the account.. the payment did not go through.. will the IRS try and run it again or do we have to make alternate plans for payment? thank you. Quote Link to comment Share on other sites More sharing options...
JimTaxes Posted April 16, 2021 Author Report Share Posted April 16, 2021 i just talked to the IRS.. they told me IRS "normally" only tries to run it through once. I will wait a bit to see if they try again before making other plans. I hope this is the right option. Quote Link to comment Share on other sites More sharing options...
BP. Posted April 16, 2021 Report Share Posted April 16, 2021 1 hour ago, JimTaxes said: there was not enough in the account to cover client's taxes where I had come out of the account.. the payment did not go through.. will the IRS try and run it again or do we have to make alternate plans for payment? thank you. This is from the Electronic Funds Withdrawal page at irs.gov: "If a payment is returned by your financial institution (e.g., due to insufficient funds, incorrect account information, closed account, etc.) the IRS will mail a Letter 4870 to the address we have on file for you, explaining why the payment could not be processed, and providing alternate payment options." Quote Link to comment Share on other sites More sharing options...
JimTaxes Posted April 16, 2021 Author Report Share Posted April 16, 2021 thank you Quote Link to comment Share on other sites More sharing options...
Lee B Posted April 16, 2021 Report Share Posted April 16, 2021 The standard IRS Penalty is 2 % or $25 whichever is greater. Quote Link to comment Share on other sites More sharing options...
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