Keep in mind one thing that was not mentioned, the IRS will assess a penalty for the bounce check. I believe it is 1 percent but could be more.
Stuart G. Lang, CPA, CGMA
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Actually assess 2% and very hard to appeal.
Contact me with any questions.
Winer CPA P.C.
Island Tax LLC Massachusetts 508-879-0408
New Hampshire 603-689-7500
Thank you also for responding... Thankfully it was not our error..
Abby Alhante, CPA
Kurcias & Alhante, LLC CPAs
525 Broadhollow Road Suite 104
Melville NY 11747
516.829-5890 Fax 516-829-3976
( E mail response preferred )
No, the IRS will not retry an EFT if the first attempt failed.
Per the IRS: "If a payment is returned by your financial institution (e.g., due to insufficient funds, incorrect account information, closed account, etc.) the IRS will mail a Letter 4870 to the address we have on file for you, explaining why the payment could not be processed, and providing alternate payment options."
For more information, click this IRS link: https://www.irs.gov/payments/pay-taxes-by-electronic-funds-withdrawal.
You will need to pay your balance due to the IRS with a check or money order or you can pay directly through the IRS Website here: https://www.irs.gov/payments.
Thank you Jon