Discussion:Section 6651

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Revision as of 18:40, 8 December 2007
Ksnoopytax (Talk | contribs)
(Not only that bu)
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Gmikeg (Talk | contribs)
(I just called th)
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{{ForumReplyPost|UserID=Ksnoopytax|Date=8 December 2007|Text=Not only that but I believe if you use a credit card to pay your tax bill, you have to pay a "convenience fee" to the company helping you make the transaction. https://www.officialpayments.com the fee on $2,000 is $50. }} {{ForumReplyPost|UserID=Ksnoopytax|Date=8 December 2007|Text=Not only that but I believe if you use a credit card to pay your tax bill, you have to pay a "convenience fee" to the company helping you make the transaction. https://www.officialpayments.com the fee on $2,000 is $50. }}
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 +{{ForumReplyPost|UserID=Gmikeg|Date=9 December 2007|Text=I just called the IRS on the rate and they quoted 7% per annum. Is that right w/o compounding?}}

Revision as of 19:46, 9 December 2007

Discussion Forum Index --> Tax Questions --> Section 6651

Tit4tat (talk|edits) said:

8 December 2007
Does anyone have any success in getting penalties abated by IRS if taxes are not paid by April 15th.

Death&Taxes (talk|edits) said:

8 December 2007
First time offenders can sometimes be fortunate, especially if they can show the reason for late payment was not wilful or was beyond their control (e.g., they filed an extension and at that time, based on advice of third parties, assumed they would owe little or no taxes, but later received an unexpected K-1 from an estate that no one knew would be distributed).

With all due respect, the 6651 late payment penalty is not totally unreasonable, and I often tell clients to consider that they borrowed at 14% for the period, as opposed to putting the taxes on a credit card at higher rates.

Ksnoopytax (talk|edits) said:

8 December 2007
Not only that but I believe if you use a credit card to pay your tax bill, you have to pay a "convenience fee" to the company helping you make the transaction. https://www.officialpayments.com the fee on $2,000 is $50.

Gmikeg (talk|edits) said:

9 December 2007
I just called the IRS on the rate and they quoted 7% per annum. Is that right w/o compounding?
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