Does the IRS cash quarterly taxes in as soon as it receives them, or at the end of the year?

by Jennifer L. Romberger, CPA | Jun 21, 2018

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.

The responses are based on the limited information provided by the questioner and apply the laws and regulations at the time of posting. Other options could arise as rules and regulations may change over time, including but not limited to the passage of the Tax Cuts and Jobs Act of 2017. They are intended to provide general information, not specific accounting or tax advice; they are not intended or written to be used and cannot be used for the purpose of avoiding or evading taxes or penalties under the IRS code or regulations. Views expressed do not imply an opinion of the PICPA, its officers, directors, employees, or members.
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