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calculate interest when making payment after april 15 and before filing return

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calculate interest when making payment after april 15 and before filing return

robinhowell

Now that interest rates are 8%, the interest on late payments can accrue quickly. If a client makes a payment after April 15th but before the return is filed (so that the penalties will stop accruing), the software doesn't account for interest from April 15th to the payment date. ProSeries shows the payment as just additional tax paid and the return bottom line on the 1040 will show a refund. But there is no refund, since interest will be charged from April 15 to the payment date. This will result in additional letters to the client adjusting the "refund" on every tax return.  

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