En esta noticia
The Internal Revenue Service (IRS) is warning all taxpayers about the penalty it will impose when someone tries to pay a tax without having enough funds to complete the transaction.
If the penalty is imposed, the taxpayer will have to pay extra on top of what was originally owed, with an amount calculated based on the balance they tried to pay without sufficient funds, and when the penalty is applied, authorities will notify them with an official notice.
The IRS will hit those who try to pay taxes without enough funds with extra charges
According to the tax agency, this penalty is known as the Dishonored Check or Other Form of Payment Penalty and is imposed when the bank account used to pay a tax does not have enough money to cover the amount owed.
The same thing happens if the payment was attempted by check. In both cases (check or electronic payment), the bank rejects the payment and reports the amount that could not be paid.
How the IRS calculates this penalty
The calculation the agency uses is as follows:
- When the amount owed is less than $1,250: the penalty will be the amount due or $25, whichever is less
- If the amount owed is more than $1,250: the penalty will be 2% of the amount owed
If the taxes and the penalty are not paid on time and properly, the agency says it will add interest to the fine.
“The date from which we begin charging interest varies depending on the type of penalty. Interest increases the amount you owe until you pay the full balance,” the IRS says.
When the penalty can be waived or reduced
The IRS explains that the fine is reduced if you can show that the payment was made in good faith and that there was a reasonable basis for believing there were enough funds to make the payment.
The steps to follow are:
- Submit a written statement explaining why the penalty should be reconsidered
- Include documents showing there was money in the bank account to cover the payment
- Sign and date the written statement and mail it to the address listed in the notice
“We will review your written statement and let you know whether we accept it as reasonable cause,” the IRS says.