Weird IRS situation
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So this year it turns out we owed a lot to the IRS. Mr. Lisa's company switched payroll providers and somewhere along the line they messed up his withholding and we stupidly never noticed because he got a raise around the same time so we assumed the extra pay was his salary bump. And then I started doing contracting work but it was so late in the year that I didn't bother filing any estimated taxes. My bad....oof.
Anyway, here's the weird thing. Our accountant filed our taxes on Tuesday, late in the day, with our bank acct info to take the payment from. He also prepared LL#1's taxes and she also owed - her return was filed using her bank account for the payment. And then the IRS just....didn't bother taking the money. The money sat in my account all day Wednesday. On Thursday I started panic texting the accountant (who I'm pretty sure heads out for vacation on April 16th at midnight!) to make sure the returns actually got filed. Thursday late night the money still hadn't gone anywhere. And neither had LL#1's.
This morning it was finally gone from both accounts. But I'm baffled about the three day delay. Wouldn't that, multipled by bazillions of people who owe money, be costing the IRS a whole lot just in interest? Why didn't the money transfer instantly? I'm pretty sure in past years our payments were gone out of our account on April 16 at midnight. And of course, now I'm worried that they are going to smack me with (even more) penalties because they didn't have the money until the 18th.
Anyway, at least that BS is over with for another year!
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Yeah I was thinking about that but they have my bank account from past years (for direct depositing refunds) so they're going to get in there if they really want to no matter what. I even asked my bank about opening a new bank account for my main account and just using this one for IRS stuff and they said that the IRS gets everyone's bank info automatically as part of the patriot act so there was no point - they'd have the new account anyway. Don't know if that's really true but two separate bank employees told me that on 2 different occasions so I dunno. Doug - good to know the timing. I've never actually waited til April 15 to file - always filed earlier but scheduled payment for the 15th so maybe that's why the transfer was delayed.
