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The Internal Revenue Service (IRS) in the United States details on its official website what the consequences are of trying to pay a tax with a bank account that does not have the necessary funds.
When an electronic payment, check or debit is rejected for insufficient funds, the tax system records it as noncompliance and treasury officials will activate fines for having this activity in bank accounts.
What fine will treasury officials apply and how much will it be
“The penalty for Dishonored Check or Other Payment Form applies if you do not have enough money in your bank account to cover the payment you made for the taxes you owe,” the agency states.
In these cases, the bank rejects and returns the check or electronic payment without sufficient funds and specifies the amount owed.
If the fine is applied, a notice is sent detailing that the penalty was applied, and its amount will depend on the outstanding amount due. If it is less than 1,250 dollars, the fine will be equal to the unpaid amount or 25 dollars, whichever is less. If it is 1,250 dollars or more, the amount is 2% of the payment.
In which cases can this fine imposed by treasury officials be canceled
The fine is not charged when it is shown that the payment was attempted in good faith and with reasonable cause to believe that the account had sufficient funds.
In these cases, the following steps are taken
- Send in writing the details explaining why the penalty should be reconsidered
- Include any document proving that there were sufficient funds to cover the payment anyway
- Then this must be dated and mailed.
Once all these steps are completed, what was submitted will be reviewed and the agency will communicate the decision.