Today TaxMama answers Ann from Chicago, IL who wants to know “What happens if your tax payment check bounces?
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”
oooohhhhl Ann. OUCH!
Hold your breath. Wait a couple of weeks and see if it clears.
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Their policy is not to re-submit, but…
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If the check doesn’t clear within about 10 days, call IRS at 800-829-1040 and make arrangements to pay the money due. Have someone flag the account to let them know that the check is coming.
At least the tax return got there on time – so it will be considered a timely filed return. And since the returns that are on extension aren’t due for a few more weeks, you won’t be showing a late payment. Of course, if you’ve already incurred an underpayment penalty for not paying estimated taxes or paying the balance by April 15th…you’ll still have those penalties. But they’re small.
And remember, you’ll find answers to lots of or tax issues and other tax information, free.
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Where? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- IRS Notice CP 57 :: INSUFFICIENT FUNDS PENALTY
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