Tax season is a stressful time for businesses and individuals alike. Some of us may be lucky enough to get a tax refund in the mail; however, we all can’t be so lucky. If you are amongst the many citizens that must write a check to the Internal Revenue Service (IRS), make sure you follow these tips offered in “When Paying the IRS, Handle Checks With Care,” posted by Julian Block on AccountingWeb.com:
- Make a note: Add a description for the payment on the check noting the form number, tax year, and other details. Include your phone number and social security number or the employer identification number if you are paying for a business.
- Multiple checks: Write a separate check for each separate payment, if necessary.
- Post properly: Make sure your envelope has the right address, proper postage, and a return address.
- Don’t be tardy: Penalties are calculated from the date received, not the date mailed, and one day can make a costly difference.
Paying taxes isn’t pleasant, but can be far worse if your checks get lost in the mail or separated from forms during processing. Protect yourself from simple mistakes by using these tips and contact BTerrell Group to learn how you can streamline tax preparation with stronger business management solutions.
By Brian Terrell of BTerrell Group, LLP, Intacct and Sage ERP & CRM provider based in Dallas.