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I've had 2 clients whose underpayment penalties were partially refunded. This has never happened before. Does anyone know if there is/was a glitch in the software's calculation?
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Which disaster area are you in? And you're not the first who didn't get the memo about suspended due dates for ES payments.
I'll let someone else post a link to at least one of the earlier threads here.
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You're awesome! I just looked it up. We're in Los Angeles county and the disaster area declaration was issued on April 13th.
Thank you!
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In CA we had an extension on estimated payments that Intuit doesnt calculate for, so the estimated tax penalty was too high for lots of people resulting in penalty refunds.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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If your client is in California or other state that was under a disaster declaration in 2023, the underpayment penalty is being reduced by the IRS. The period in 2023 prior to the postponed filing date is not considered underpaid.