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Comment by butvacuum | Hacker News Reader

I'll save everybody else 120s: if you didn't get penalized for filing your taxes late during covid, move on.

It's not just if you filed late. It also says payments "due any time within that window were not late until after July 10, 2023."

So for example, if you were a contractor who paid your taxes on April 15 (rather than making quarterly payments).

Shit, that was me. I never pay my quarterly payments, it's easier (for me) to let the government send me a bill lol.

Used to do the same, realized the penalty was so minor compared to my time filing quarterly.

I think the interest rate is 7% so if you have other debts, not making the quarterly payments is probably the cheapest loan you can get.

true enough.

It seems to also argue that we all have claims for lost interest on what we paid to the IRS during the period in question, but that's a stretch. I am getting Wesley Snipes tax advisor vibes here and will move along.

> I am getting Wesley Snipes tax advisor vibes here and will move along.

From the IRS?

It argues no such thing. Of the 20 instances of the word "interest", 19 are obviously referring to the interest that the IRS will charge you on your balance if you don't pay your taxes by the due date. The one remaining one is this:

> Overpayment interest for the 2020–2023 disaster period.

and refers to the interest that the IRS will pay you if they owe you money (a refund) that they don't manage to return to you in a timely manner.

(All of this is explained on the main IRS website: https://www.irs.gov/payments/interest)

It mentions "Overpayment interest for the 2020–2023 disaster period" which I figured could be applied broadly, but I guess that was more my interpretation rather than the intention.

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