I was wondering the same thing. My husband runs a business as a corporation. Can we not send in our montly income tax withholding (KW-5) until we are even with what the state owes us for our refund? Or will we get a nasty letter estimating our missed payment with interest and penalties? I think I know the answer.
You would be correct in your assumption. Tax revolt is going to be a real issue. It didn’t help the new Treasury Secretary can’t manage to file a proper return for three years. I filed three extensions on my Federal taxes and paid the payroll tax in-between right out of my check. To reconcile, I needed information from my bank which took me four months. I missed the deadline and was fined, penalty and interest. Exemptions from the IRS and other tax collecting entities is for privalage only. It’s going to get interesting...