Autowithdrawl Payments

[Jim Schall]

I have some clients with very large payments due. Theye elected auto withdrawal payments. The returns were filed yesterday morning around 8:00 am. The payments were scheduled to be withdrawn yesterday. Bank routing numbers and account numbers are correct. However, funds were not withdrawn from their bank accounts yesterday.

Does this mean there is a problem or is this a common occurrence?

[IRonMaN]

It doesn't mean there is a problem.  It can take up to several days to clear the taxpayer's bank account.

[Jim Schall]

Thanks for your input

[IRonMaN]

You betcha!

[Just-Lisa-Now-]

If you scheduled the payment for the same day that you Efiled it, it will be delayed a day for processing. 

If they dont show as pending on Monday, call the phone number on the 8879 and you can inquire to the status of  scheduled payment through the automated system.   

[Jim Schall]

Thanks for your response. We had planned on seeing if it cleared Monday