The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: bank bounced check to irs||Date: 4/24/2004 11:49 AM|
|Author: Jeanwa||Number: 71625 of 121572|
I called our accountant...and he said, "oh god, no." The best he could tell me was to wait for the IRS either to send the check back through to the bank or to return the check to us. We'd just have to wait to see what they do. He didn't understand why a hold for 8 days since the check was drawn on a local bank by a well known entity in town.
Now what??? Any other suggestions? Do I have any recourse against the bank?
I'm surprised the accountant had such a dramatic reply, I would never talk that way to a client! It's not the end of the world and there are lots of solutions.
There probably isn't any recourse against the bank, it's pretty standard practice....that said, the bank should be willing to write a letter to the IRS explaning/confirming what happened...if you get a notice from the IRS.
The IRS isn't, IMHO, really the "bad" guys we tend to make them out to be. They "forgive" and credit penalities and interest assessed that were caused by "normal mistakes". I've found them to be very reasonable.
We had a payment they said they didn't get...we didn't get the check back, it didn't clear the bank. We just had to show them our bank statement with the missing check number (showing it wasn't returned to the bank), and a copy of the stop payment on the check. They credited all penalities and interest.
They do send those horrible letters, and always tell you on the phone they can attach your assest...but that is part of the rules to let you know what can happen.
|Copyright 1996-2014 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|