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Level 1
March 17, 2020
Solved

Electronic funds withdrawal for estimated tax

  • March 17, 2020
  • 2 replies
  • 26 views

A client elected automatic withdrawal from bank account of federal quarterly estimated tax payments.  Now because of the Covid-19 problem that client's income will be considerably less.  How do I void those estimated tax payments?

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Best answer by User_61

"To cancel the payment, call the U.S. Treasury Financial Agent at 1-888-353-4537 no later than 2 business days prior to the payment (settlement) date. Cancellation of a required estimated tax payment could lead to penalties and interest charges."

2 replies

abctax55
Level 15
March 17, 2020

You'll have to call the IRS to get those changed/cancelled.

HumanKind... Be Both
User_61
User_61Answer
Level 7
March 17, 2020

"To cancel the payment, call the U.S. Treasury Financial Agent at 1-888-353-4537 no later than 2 business days prior to the payment (settlement) date. Cancellation of a required estimated tax payment could lead to penalties and interest charges."

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