What has your experience been in check cashing times?|||The IRS processes check payments electronically upon receipt. The amount will be debited against your account about 2 minutes after the payment envelope is opened at the IRS Service Center in most cases. If you are in the greater Atlanta area and mail it on Monday they will get it on Tuesday and process it the same day. If the funds to cover it won't be available until Friday, don't mail it until Friday.
If you "need" 4 days, hold off for the full 4 days before mailing the payment. A late payment penalty will be less onerous than a bounced check penalty. If you bounce a payment the IRS will assess fees (on top of the late payment penalties and interest) as will your bank. A single bounced check can add up to $50 to $60 in additional charges.
It's against the law to issue a check if you don't have funds in your account to cover it immediately. You can be prosecuted for uttering a worthless check.|||TFTP
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|||I am assuming you are sending in a payment with a return. The checks are deposited rather quickly, so it may well get to the bank before 4 days. When returns are received, they are opened and all payments are deposited quickly. The returns themselves are then put into the system for processing, which can take 6 to 8 weeks.
If you are talking about an installment agreement, call the IRS and get permission to pay a few days late this month. Failing to meet the terms of an installment agreement can result in the voiding of the agreement, so you certainly need to avoid sending them a potentially bad check.|||I think they do it the same day, especially at this time of year, when the workload is light (compared to April 15). You should wait to send the until it can be cashed; the penalty for sending the check a few days late is much less than the penalty for sending a check that bounces.|||There is a very simple rule: don't write the check if you don't have the cash in the account.
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