Did you send in your tax check and it hasn’t been processed? Have you received a notice about a failure to pay? It might be due to the pandemic induced backlog at the IRS. If you’ve received one of these notices, we are asking our clients to review the letter they have received to determine the penalties they are being assessed. The penalties are listed on page 3 of the letter.

If the penalty is for failure to pay…
we are asking clients to ignore the letter for now and wait for the IRS to process your payment that was mailed.

If the penalty is for failure to pay proper estimated tax…
we are asking clients to send us the letter so we can assess if this is valid or not.

Here’s an article that will shed some light on this issue. Check back on our blog frequently for future updates and contact us if you have any questions.

 

Do You Have An Uncashed Tax Check? Here’s What To Do & How To Fix Other IRS Issues

Article from www.forbes.com

“If you have an uncashed tax check at the Internal Revenue Service (IRS), you’re not alone. Scores of taxpayers and tax professionals have been reaching out about uncashed checks. Making matters worse, the IRS has been sending out underpayment or failure-to-pay notices for those payments….” Click here to continue reading this article.

 

Blog by Jason P. Bailey, CPA – Business Services Manager, Tax Professional

Learn more about Jason and the rest of the Storen Financial team here.