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Electronic funds withdrawal for estimated tax

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Level 1

A client elected automatic withdrawal from bank account of federal quarterly estimated tax payments.  Now because of the Covid-19 problem that client's income will be considerably less.  How do I void those estimated tax payments?

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Level 7

"To cancel the payment, call the U.S. Treasury Financial Agent at 1-888-353-4537 no later than 2 business days prior to the payment (settlement) date. Cancellation of a required estimated tax payment could lead to penalties and interest charges."

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2 Replies 2
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Level 15

You'll have to call the IRS to get those changed/cancelled.

Former Chump... umm.... AllStar.
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Highlighted
Level 7

"To cancel the payment, call the U.S. Treasury Financial Agent at 1-888-353-4537 no later than 2 business days prior to the payment (settlement) date. Cancellation of a required estimated tax payment could lead to penalties and interest charges."

View solution in original post