2006-12-04 06:38:05 · 13 answers · asked by Hockeyplaya88 2 in Business & Finance ➔ Renting & Real Estate
I have only bounced one check in my business and it was the first one and to the IRS. I knew it bounced before they did I got a noticed from the bank and I called them.
Would you believe that they said when that happens they run the check a few days latter and then they get up set. All I had to pay was a NSF charge from the bank, it went throw the second time since the funds were on hold for anew account.
The guy was polite and seemed very understanding, just do not play games with them and get the money in to the bank.
Give them a call and Best of luck
2006-12-04 13:21:26 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Of course, writing a bad check to anyone is illegal - under state law. The IRS, however, is not the big bad wolf it used to be years ago. They will merely view the check as dishonored.
They will notify you of the bad check as well as the tax debt and added penalties and interest. You can then make arrangements with them. Make sure you make a reasonable arrangement that you can keep. If the account goes into collections and you default on the agreement the IRS resumes being the big, bad wolf and no future arrangments will be accepted.
Since you gave them a check they know exactly where to find your bank deposit and one of the first collection actions they will take (following notice) is to levy on your bank account. The levy is similar to a garnsihment. Whatever money you have in your account at the time the levy is received by the bank - and any money you (would foolishly) deposit thereafter, would be frozen to satisfy the amount of the levy. No levy will occur if you reach and keep a payment arrangment. It might behoove you otherwise to keep just enough in your account to pay the monthly fee.
For future reference, althought the tax return tells you to pay the amount you owe when you file the return, you don't have to pay anything when the return is filed. Your tax will be assessed as usual and you will receive a notice of any adjustments, penalties and interest. ALWAYS FILE THE RETURN BY THE DUE DATE OR ASK FOR AN AUTOMATICE EXTENSION EVEN IF YOU CAN'T PAY THE TAX OWED. DON'T WRITE A BAD CHECK BECAUSE YOU THINK THE TAX MUST BE PAID WITH THE RETURN AND DON'T - NOT FILE THE RETURN BECAUSE YOU DON'T HAVE THE MONEY. THE LATE FILED PENALTY IS JUST ANOTHER EXPENSE YOU WILL UNECESSARILY INCUR.
2006-12-04 07:08:16 · answer #2 · answered by Maddy Waddy 2 · 0⤊ 0⤋
At the very least, you'll pay a penalty fee for late payment, plus bounced check fees.
If they can show you had knowledge that there wasn't enough in your account when you wrote the check, it's called "kiting" and is a crime.
2006-12-04 06:46:57 · answer #3 · answered by Anonymous · 0⤊ 0⤋
a better question is, why would you write a bad check to the IRS?
2006-12-04 06:39:59 · answer #4 · answered by Anonymous · 1⤊ 1⤋
They hunt you down and shoot you.
My suggestion would be to do what you have to, to get the check covered.
The IRS does not play games with their money and it may even be a criminal offense if not taken care of immediately.
2006-12-04 06:41:00 · answer #5 · answered by Gem 7 · 0⤊ 1⤋
You might see Bars in front of you,then again they may want you to start making payments plus interest. Good luck...
2006-12-04 06:54:06 · answer #6 · answered by smac205006 1 · 0⤊ 0⤋
They will still want their money plus interest and if you don't pay they can take it from your check or your next tax refund.
2006-12-04 06:46:09 · answer #7 · answered by ☆Soon 2 be Mom of 2☆ 4 · 0⤊ 0⤋
Interest, penalties, possible garnishment. Not a pretty picture.
2006-12-04 08:10:14 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It would be the same if you didn't pay. Fines and fees will be added to your debt. Clear up ASAP!
2006-12-04 06:41:54 · answer #9 · answered by Joe S 6 · 0⤊ 0⤋
There's more trouble in trhat than I want to think about.
2006-12-04 06:41:18 · answer #10 · answered by Anonymous · 0⤊ 1⤋