Bank of America Estimates Escrow Payment Will Be Made By Feb 3rd
Decatur Metro | January 29, 2010 | 11:29 amRevenue & Technology Manager for the City of Decatur, Russ Madison, reports on the Decatur Tax Blog he’s finally gained some traction in getting Bank of America to resolve this “lost escrow check” issue…
After several phone calls between my office and Bank of America yesterday and today, I was able to open a formal “research request” with Bank of America’s tax department this morning.
One of their tax specialists informed me that he was submitting the request to higher levels within his department to research and reissue payment for the affected customers, with an estimated completion date of February 3. Bank of America should pay the penalties and interest, and the late payment would not affect their customers’ escrow accounts.
Its good for you people that B of A will pay your penalties and interest. The unfortunate thing is the Tax impact. I am fairly certain that since your second installment was not paid in the actual 2009 calendar year, that you can only include the first installment in your itemized deductions. If this happened to you, you should research it, but I am fairly certain.
I believe you are correct. Affected parties need to consult their tax advisor.