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?
Best Answer Click here
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.
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.
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!
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.
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.
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.