04-18-2005, 03:34 PM
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 Re: Bounced check to IRS - two questions uyuni99[at]gmail.com says... - quote - > This year, I ended up having a very large IRS tax due. I
mistake and the original check should have been honored.> sent a check for approx. $10,000 with my return, just to > discover that my check bounced due to bank mishap. > I did some research and it looks like IRS assesses a 2% > penalty, which needless to say, I'm eager to avoid. > I have three questions: > 1. Does IRS try to re-deposit the check, or should I send a > new check? I'm thinking of sending a new check, but don't > want IRS to re-deposit my original check and to have it > bounce again. > 2. Since I can still get the check sent before April 15th, > what are my chances of waiving the penalty? > 3. Should I write the letter with the check, or separately? > Any help on what to write? > Any help is appreciated. Thanks a lot! > You should send a new check along with a letter explaining what happened. You will need a letter from your bank stating that it made the - quote - > (We did that for a client who bounced a $200,000 check a couple of years ago. Hopefully, his $1,200,000 check won't bounce this year.) Gary -- E-mail to the above address is rarely read. If you want to contact me directly, please send an e-mail to: gary at gdgoodman dot com. << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
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#-1
04-11-2005, 09:27 PM
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| Bounced check to IRS - two questions This year, I ended up having a very large IRS tax due. I sent a check for approx. $10,000 with my return, just to discover that my check bounced due to bank mishap. I did some research and it looks like IRS assesses a 2% penalty, which needless to say, I'm eager to avoid. I have three questions: 1. Does IRS try to re-deposit the check, or should I send a new check? I'm thinking of sending a new check, but don't want IRS to re-deposit my original check and to have it bounce again. 2. Since I can still get the check sent before April 15th, what are my chances of waiving the penalty? 3. Should I write the letter with the check, or separately? Any help on what to write? Any help is appreciated. Thanks a lot! << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| bounced, check, irs, questions |
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