abctax55
Level 15
03-29-2021
11:22 AM
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I'll find the details on a different list-serve... but based on what's been said there (by some veddy, veddy smart folks) that strategy does NOT work. Unless they extend the April 15th estimate deadline (like they did last year...) there would be a penalty for the 30 +/- day differential.
Which, probably isn't material or significant for most folks.
I do have one client where it would be though.
Edit, best I can find right now. Those of you that know Kip's background will take his comments to heart:
If the overpayment existed at April 15, then it may be applied to the April 15 E.S. This is different than making an extension payment AFTER 4/15 that creates a refund subsequently applied to the 4/15 estimate.
The statute under Section 6654 should be read in conjunction with the principles set forth in Revenue Ruling 84-58 (which I do not believe has been superseded)
Kip Dellinger, CPA
HumanKind... Be Both
