What does this actually mean 'Wires received after 5 p.m. ET will be rejected and returned to the financial institution.' Same-day tax worksheet

[intertax]

I was going to make a foreign wire transfer to the IRS using the Same day tax work sheet found at https://www.irs.gov/individuals/international-taxpayers/foreign-electronic-payments and noticed at the bottom it says 'Wires received after 5 p.m. ET will be rejected and returned to the financial institution. Wires received after 5 p.m. ET will be rejected and returned to the financial institution. FTCS does not warehouse payments for the next business day'.

Does this mean they will outright reject the transfer or is telling my bank to try again tomorrow. Same day foreign wire transfer seems almost impossible. Am I worrying for no reason?

[pk]

@intertax , as I read the referred document from the IRS, it is not surprising because this is the general practice  even in domestic wire transfers.  Your  local bank ( transferror ) would be aware  the settlement cannot occur  after certain time of day  ( domestic is 2:00PM Pacific or 5PM ET).  Banks will typically not wire transfer unless they can meet the deadline.  Bottom line is  you do not have to worry -- your bank will send out wire transfer  in time to be affected ( even if it the next day local time).

Hope this helps.

[intertax]

Thanks for the response but if there is a scenario it does get rejected will my bank try again? 

[pk]

@intertax , whereas  I have no knowledge about the workings of your particular bank , the wire transfers that I have initiated  from US to other countries have always worked  and I suspect that if a bank cannot affect the transfer they will indeed come back to you to seek new instructions if that is required  ( e.g. the receiving bank rejects because of account detail errors ).  All IRS is trying to alert you on is that  you cannot claim post mark  privilege in  computing  interest and penalty ( if applicable ) i.e.  it is the date of receipt in their account that will be used for all purposes including penalty and interest charges.  

If you are still unsure , perhaps you should consult  (a) your bank and (b) the IRS section at the nearest US consulate  ( most consulate/embassy  have IRS section especially in countries with sizable Expats ( military or otherwise)

[Critter-3]

FYI ... if you are trying to file and pay your return and balance due TODAY to meet the deadline  then be aware that today is the deadline for filing the return ONLY and only if it is on extension.    

The balance due PAYMENT was due 7/15/2020 and is now considered late.  If you had put in for an extension then the estimated balance due payment was due at the time of the extension or 7/15/2020 whichever date was later.  Thus if the bank cannot make the transfer on time today then having it done tomorrow is not a big deal as one more day late is immaterial.   Just make sure you file the return today if you have not yet done so ... the failure to file penalty is much larger than the failure to pay penalty that is already going to be accessed. 

[intertax]

Ahh so you are saying this for tax payment purposes after 5pm it will count as the next business day which (make you miss a deadline in that regard?). 

[Critter-3]

The deadline today is for the filing of the tax return itself  ONLY and ONLY if it was on extension.  If you did not put the return on extension by the 7/15 deadline then it is also LATE and the failure to file penalty + interest is piling up as I type. 

The deadline to PAY the balance due  was 7/15/2020  ... if you were not ready to file on 7/15 then the estimated balance due payment should have been sent with the extension which was due 7/15.

If you have an unpaid balance due now then it is officially 3 months late and the failure to pay penalty + interest is currently accruing.   You need to pay asap to stop the bleeding.   My point is if the payment is made today or tomorrow is immaterial ... the IRS will mail you a bill for the accrued fees based off the date they are finally paid.  If the IRS doesn't accept the wire transfer today then they will simply keep the juice running until they receive the payment.

[intertax]

@Critter-3 Ah sorry my response was aimed @pk I have already filed my taxes these are for amended returns I owe IRS money for in previous years. 

Sorry @pk I asked 

Ahh so you are saying this for tax payment purposes after 5pm it will count as the next business day (which may make you miss a deadline in that regard?). 

[pk]

yep