I have a client that owes Federal tax of which I need to apply penalty and interest before I E-File the return. I am still a novice with the Pro Series Basic and I would appreciate assistance in this matter.
Carol Ann Amante CPA
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I always just let IRS send a bill.
I know there were issues earlier this summer, that it wouldnt allow a direct debit payment to include the interest and penalty, it would only take the tax due amount...not sure if that ever got addressed.
I also let the IRS just send a bill later. Who knows, the IRS may forget to send a billing and your client maybe will safe a couple of bucks.
Go to the line with the tax dur and click on the penalty and interest box.
Thank-you for your input - I looked at the Underpayment worksheet which I would have to figure out the penalty & interest. So I decided to let the IRS send a letter with the penalty and interest calculated.
Carol Ann
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