Would an overpayment for a second-period federal estimated tax automatically be treated as a late payment toward an underpaid first-period installment (for purposes of penalty computation), or must late payments for earlier periods be submitted/declared separately to "stop the interest clock"?
Asked on 12/29/09, 12:29 am
1 Answer from Attorneys
Payments made will first be applied to penalty and interest, then to the underlying tax.
Answered on 1/04/10, 11:59 am
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