I am a sole proprietor working as an entertainer. After doing research, I thought I was required to send in taxes quarterly. However, the IRS has not cashed the check I sent in for my quarterly taxes. Am I incorrect about having to send them in, or does the IRS not cash those checks until the end of the year?
You haven’t provided enough information to determine if you are required to make quarterly estimated payments, but the IRS will cash the check upon receipt. The IRS does not hold until the end of the year. If it has not been cashed, your account has not been credited. You should put a “stop pay” on that check, and reissue a new one to IRS with the respective quarterly voucher completed so that the IRS credits your account accordingly.
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Answered by: Jennifer L. Romberger, CPA, is with Long Financial Group Inc. in Blue Bell, Pa.