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Any Limit To The Time To Specify A Payment Was A Deposit?

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  • Any Limit To The Time To Specify A Payment Was A Deposit?

    Any Limit To The Time To Specify A Payment Was A Deposit?


    Is there a limit to the amount of time a payment may be specified as a
    deposit on possible taxes?

    The IRS seems to allow one to write to specify that a payment was
    intended as a deposit, which allows a refund of the funds overpayed - as
    opposed to an overpayment, which only allows a refund of the overpayment
    for 3 years.

    Even after a few years, can a payment be deemed a deposit?
    Are there any other ramifications of doing this?

    Thanks!

  • #2
    please clarify what you mean as 'payment' and 'deposit'.
    Payment of income tax? Estimated tax payments? Deposit of trust funds?
    "What would a reasonable person do?"

    aryels
    A.S. Paralegal
    Criminal Justice Student--B.S.

    "Give this guy 15 cents and tell him to go to hell."

    Comment


    • #3
      Any Limit To The Time To Specify A Payment Was A Deposit?


      "User" <[email protected]> wrote
      Any Limit To The Time To Specify A Payment Was A Deposit? Is there a limit to the amount of time a payment may be specified as a deposit on possible taxes? The IRS seems to allow one to write to specify that a payment was intended as a deposit, which allows a refund of the funds overpayed - as opposed to an overpayment, which only allows a refund of the overpayment for 3 years. Even after a few years, can a payment be deemed a deposit? Are there any other ramifications of doing this?

      You can't change your mind. What was the payment exactly? Describe the
      situation and the circumstances under which you made the payment?

      The case law on the topic, that I've seen, hinges on what was the reason
      behind the payment. Then the courts determined if it was a payment of tax
      or a "deposit" against a tax. It's not a factor for you to decide years
      later.



      --
      Paul A. Thomas, CPA
      Athens, Georgia
      taxman at negia.net


      Comment


      • #4
        Any Limit To The Time To Specify A Payment Was A Deposit?


        "User" <[email protected]> wrote
        Any Limit To The Time To Specify A Payment Was A Deposit? Is there a limit to the amount of time a payment may be specified as a deposit on possible taxes? The IRS seems to allow one to write to specify that a payment was intended as a deposit, which allows a refund of the funds overpayed - as opposed to an overpayment, which only allows a refund of the overpayment for 3 years. Even after a few years, can a payment be deemed a deposit? Are there any other ramifications of doing this?

        You can't change your mind. What was the payment exactly? Describe the
        situation and the circumstances under which you made the payment?

        The case law on the topic, that I've seen, hinges on what was the reason
        behind the payment. Then the courts determined if it was a payment of tax
        or a "deposit" against a tax. It's not a factor for you to decide years
        later.



        --
        Paul A. Thomas, CPA
        Athens, Georgia
        taxman at negia.net


        Comment

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