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fozman
New Member

I entered bank account number incorrectly. Received letter from IRS two weeks after due date indicating RETURN: INVALID ACCOUNT NUMBER STRUCTURE. What is ~2 week penalty?

How are late penalties determined and how do I pay them?
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DoninGA
Level 15

I entered bank account number incorrectly. Received letter from IRS two weeks after due date indicating RETURN: INVALID ACCOUNT NUMBER STRUCTURE. What is ~2 week penalty?

The IRS will send you a bill in the mail for the penalties.  

See this IRS Tax Topic for penalties - https://www.irs.gov/taxtopics/tc653.html

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2 Replies
DoninGA
Level 15

I entered bank account number incorrectly. Received letter from IRS two weeks after due date indicating RETURN: INVALID ACCOUNT NUMBER STRUCTURE. What is ~2 week penalty?

The IRS will send you a bill in the mail for the penalties.  

See this IRS Tax Topic for penalties - https://www.irs.gov/taxtopics/tc653.html

bwa
Alumni
Alumni

I entered bank account number incorrectly. Received letter from IRS two weeks after due date indicating RETURN: INVALID ACCOUNT NUMBER STRUCTURE. What is ~2 week penalty?

For a two week delay in payment the penalty would be 1/2 of 1% (e.g., for a $1,000 balance due it would be $5.00)

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