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As I have always said the IRS is honest. Client received check for $1.02. The dollar apparently was the estimated tax penalty computed on the return and the two cents was interest. Hoping they can get caught up on all of their issues that resulted from covid.
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Hopefully that 2 cents of interest doesn't throw them into a higher tax bracket next year 😉
Slava Ukraini!
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@IRonMaN That brings me to an interesting question. Do you pick up a dollar in interest income even if it is less than 50 cents? I do. When someone passes away, the family and attorney look at the tax returns to see where the Investments and accounts are, and if there's a few cents from a checking account and it is indicated on the return than this helps them
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I do what I was taught in school. 50 cents round up, under 50 cents round down. The families and attorneys will just have to work a little harder.
Slava Ukraini!
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Should be "caught up" ...voice typo
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How did ES penalty get computed on the return? Someone forgot to check the "let IRS do it" box, knowing that nothing will be assessed if under (at least) $100?
