Ever wonder what happens if you choose to pay 2290 taxes with a bank account debit, and the transaction fails?? If everything goes according to plan, the US Treasury will notify you in writing with the notice below. Pay special attention because this comes from the US Treasury and not the IRS.
General Things You Should Know
First – You have options when you’re choosing how to pay 2290 form taxes. When you elect to have your 2290 taxes paid with a direct debit of your bank account it’s the US Treasury that does the transaction, not the IRS, so this notice is all about the US Treasury. The IRS doesn’t even have a bank account!
Second – The government considers it the taxpayers’ responsibility to ensure that 2290 taxes are paid. That means you!! Watch your bank statements for this transaction, and follow up you don’t see it within 10 business days of your e-filing. You can call your bank to discover if the Treasury tried and failed to debit your account if you don’t see anything on your statement.
Third – The treasury will only try ONE TIME to debit your bank account. If anything goes wrong with that transaction, they won’t try again. They can’t. So if your bank tells you the Treasury tried to debit your account and failed, it’s up to you to get 2290 taxes paid – even if you haven’t received an official notice like this one.
A Notice Break-Down in Pictures
You can tell this notice apart from others in two very distinct ways. First, it comes from the US Treasury and NOT the IRS. Second, it will say it’s about your e-file payment.
Read it carefully – this one is simple and it will tell you everything you need to know. In this case it says you recently e-filed, but your electronic payment for 2290 taxes didn’t go through. It gives you a date, and a dollar amount due, and even a reason why the payment failed.
The Treasury doesn’t send this notice to every single person who has a failed payment. Only a very small number of people receive this. Everyone else seems to get the IRS 2290 Penalty Notice. Watch your statements closely and be sure your taxes are paid on time so you don’t get assessed penalties.
You can double check by calling the IRS or your bank. Either can tell you if a payment is made, attempted, or failed.
What You NEED To Do
You need to get your taxes paid. I know, I know – paying taxes is a bummer. But penalties and interest are worse if you ask me! The Treasury gives you a few options to get your taxes paid, so pick one, and get it over with quick.
Your options are EFTPS, Same-Day Wire via IRS.gov/e-pay, or check or money order. Choose whichever option is the most comfortable for you. If you mail a check, be sure to include a copy of the letter so that the Treasury knows what to do with it.
And that’s it!! This is just a one page notice.
I’m not a CPA, enrolled agent, or attorney. That means I can’t and don’t interpret the law. I’m just a regular person who happens to do this a lot. While I have experience, I don’t have a fancy education, training or certifications. So in this series of articles (as in all of my articles) I’m just sharing my experience with you. Telling you how I’ve resolved things in the past, or what I’ve been told by the IRS when I call with my own questions. No guarantees that my advice is perfect or that it works every time! It’s just what works for me…most of the time…
If this worked for you, or didn’t work for you. If this made sense, or just added to your confusion. If you have more questions, or just want to talk…
We’re here to help with any Form 2290 e-file questions. We want to help. From our family company to yours – we’re here for you!