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Posted by Mike Wellman on May 22, 2008, 12:06 pm
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On May 22, 10:28�am, davidrosenb...@gmail.com wrote:
> I know it's a weird question, but if the taxpayer suddenly gets a
> large chunk of money, can he tell the IRS, "forget our agreement,
> here's the balance"?
>
> If so, is there any sort of early payment penalty or the like?
>
> Thanks.
>
> David Rosenbaum
>
There is no penalty, just call and get the payoff and mail a check.
--
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<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
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<< to this newsgroup as well as our anti-spamming policy >>
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Posted by Elle on May 22, 2008, 12:07 pm
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>I know it's a weird question, but if the taxpayer suddenly
>gets a
> large chunk of money, can he tell the IRS, "forget our
> agreement,
> here's the balance"?
Yes. Just pay the balance as soon as possible. Worst case
there may be a bit of interest and penalty that still has to
be paid, for the period between the last payment and payment
of the balance. The IRS will let you know.
The only thing that might be weird about your question is if
it was never asked in the first place.
> If so, is there any sort of early payment penalty or the
> like?
No. The IRS strongly encourages people to pay off the
balance a.s.a.p. because the interest, penalties, and fees
are so high.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by D. Stussy on May 22, 2008, 9:01 pm
Please log in for more thread options > >I know it's a weird question, but if the taxpayer suddenly
> >gets a
> > large chunk of money, can he tell the IRS, "forget our
> > agreement,
> > here's the balance"?
>
> Yes. Just pay the balance as soon as possible. Worst case
> there may be a bit of interest and penalty that still has to
> be paid, for the period between the last payment and payment
> of the balance. The IRS will let you know.
>
> The only thing that might be weird about your question is if
> it was never asked in the first place.
>
> > If so, is there any sort of early payment penalty or the
> > like?
>
> No. The IRS strongly encourages people to pay off the
> balance a.s.a.p. because the interest, penalties, and fees
> are so high.
Note also that if you pay within 2 weeks of the due date of the next
scheduled payment, it's possible that the scheduled payment will go through
anyway - because the IRS won't have sufficient time to post the full payment
before the scheduled one occurs.
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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Posted by Condor on May 22, 2008, 11:59 pm
Please log in for more thread options >I know it's a weird question, but if the taxpayer suddenly gets a
> large chunk of money, can he tell the IRS, "forget our agreement,
> here's the balance"?
>
> If so, is there any sort of early payment penalty or the like?
All the previous posts provided good advice, especially the one that
commented on the inaccessibility of the IRS toll-free lines. IRS toll-free
phones have been jammed beyond capacity with stimulus payment callers for a
while now.
I recommend you visit your local IRS walk-in office (see link below), ask
them to compute a payoff balance, then write them a check. As noted
previously, you may continue to receive notices for one to two months. Wait
until about six weeks after you've paid the tax and contact IRS again and
ask them to send you a transcript of each account on which you previously
owed. The transcripts should reflect the balance(s) paid in full.
http://www.irs.gov/localcontacts/index.html
Condor
--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>
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