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Electronic funds withdrawal for estimated tax

JEAN2
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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1 Solution

Accepted Solutions
User FIDO 61
Level 8

"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."

♫ So if you ask me and I don't tell you
Bet your sweet bottom dollar I lied ♪

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2 Comments 2
abctax55
Level 15

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

"*******Tax software is no substitute for a professional tax preparer*******
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User FIDO 61
Level 8

"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."

♫ So if you ask me and I don't tell you
Bet your sweet bottom dollar I lied ♪