En esta noticia
During the tax season each year, taxpayers must file their returns, settle outstanding obligations, and claim any credit for which they are eligible.
In this context, the Internal Revenue Service (IRS) issues warnings to all taxpayers through its official website regarding the penalties that will be imposed in the event that attempts are made to settle tax obligations with bank accounts that lack sufficient funds.
According to the federal agency, these fines will be notified through a personalized notice and will be based on the payments that were attempted without sufficient funds.
However, under certain circumstances, the IRS could consider that this operation was carried out incorrectly and not apply the penalty to those who manage to prove it.
When does the IRS-imposed fine take effect?
“The penalty for a rejected check or other payment method applies if there is not enough money in your bank account to cover the corresponding amount of the tax you must pay,” authorities say. In such circumstances, the bank will proceed to reject and return the check or electronic transaction, designating the amount as “unpaid”.
In the event that payment is attempted without funds for a tax of less than USD 1250, the fine will be equivalent to the amount that should have been paid or USD 25, whichever is lower. Conversely, if the outstanding amount is USD 1250 or more, the fine will be equivalent to 2% of the amount that should have been paid.
When the IRS imposes such a penalty, a notice is sent to the taxpayer informing them of the ruling. This notice will specify the deadline for making payment of the penalty, which must be strictly met to avoid the accumulation of interest.
What actions should I take if I have made a mistake? This is what the IRS states
IRS indicates that the penalty is canceled when it is verified that payment was attempted in good faith and that the taxpayer had the so-called “reasonable grounds” to assume that the account used in the transaction had sufficient funds.
To ask the agency to reconsider the penalty, the following steps must be followed:
- Prepare a written statement specifying the reasons why the penalty should be suspended.
- Include any document that can demonstrate that the account had sufficient funds to make the payment (this may be a bank letter).
- Sign and date the statement.
- Send the documentation to the mailing address that appears in the notice.
“We will review your written statement and let you know if we accept it as reasonable cause,” the IRS states.