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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 12044
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I need to know if my payment to the IRS in June resolved all

Customer Question

I need to know if my payment to the IRS in June resolved all my bill. I paid $4275.36 and got a letter on July 25 that it was received. So my question is Have I paid all I owe? I have an automated monthly payment that came out of my account after that date...On Aug. 1st it was again debited. I need to stop the automated payment? Will it stop on its own? I need this information....J warren
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: No
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Mr Warren, Hi. My name's Lane ... I can help you as much as possible here.

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We experts at JustAnswer don't have access to your private IRS information. HOWEVER, I can help you with what your options are, for gathering that information.

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Although wait times can be high, the most efficient way to see if this has you paid-in-full is to call IRS at(###) ###-####(Wait times AREN'T as bad this time of year as they are during filing season)

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You can also go here, and get a tax account transcript: https://www.irs.gov/individuals/get-transcript you should get the transcript in less than 10 days (be sure to ask for the tax ACCOUNT transcript).

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You can also go to a local field office. This site is a field office locator, where you can search by zip code: https://apps.irs.gov/app/officeLocator/index.jsp

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ow, if you'll bear with me a moment, I'm goping to have to look up the information about stopping the payments. (just a moment. I'll be right back.)

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Lane

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I hold a law degree, concentration in Tax Law, Estate law & Corporate law, an MBA, with specialization in financial accounting & tax, a BBA, and CFP & CRPS designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Expert:  Lane replied 11 months ago.

OK - Unless you are completely certain that the amount is paid-in-full, I would not stop the payments. Everything in the master tax guide and IRS publications (although referencing the automatic default, penalties and interest that can be charged if a payment doesn't arrive on time) makes no mention of stopping the payments UNLESS you have an installment agreement for a fixed number of payments.

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If you DO have an agreement for a fixed number of payments that would satisfy the tax, penalties and interest, then you should be safe to stop, AND IRS should stop in THIS situation anyway. OTHERWISE, I would err on the side of not stopping the payments, until you have all of the information.

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It's important to remember that if you DO overpay, you will receive a refund, just as one receives a refund when withholding or estimated payments have been more then the actual tax liability on the return

Customer: replied 11 months ago.
I paid my bill according to my transcript received.. Then after the final payment was made in July, they debuted again in August.. So that is my question.. Why are they still debiting?
Expert:  Lane replied 11 months ago.

Go to the bank and stop the debit.

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I say this MAKING the ASSUMPTION that you are correct that you do not owe more or have any other tax debt (such as interest that may have accrued).

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IRS is doing with one person what three used to do (before the cutbacks over the last several years). My firm has seen more mistakes such as this (not cashing checks for months at a time, taking three months to do what used to take weeks, etc) this year, than ever before.

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That information, along with my taking your assumption that nothing else is owed, leads me to the advice to stop the authorization to debit. You can do this with your bank.

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I will tell you, however, the BEST practice in a situation such as this is to curl up with a good book, call IRS, and wait in line, to get the informatioin from the proverbial "horse's mouth."

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I, however, completely understand your not wanting to expend that effort. I would only say that the tradeoff for not doing that is some amount of uncertainly. If you are certain that you owe no more ... stop the debits.

Expert:  Lane replied 11 months ago.
Did you see my answer to your follow up? (By the way early AM Tues, Wed, and Thursday typically have the shortens wait time