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JudgeLaw
JudgeLaw, Attorney
Category: Tax
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Experience:  Over 25 years practicing law
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I closed my S-Corp business in 1/31/2008. I filed my last

Customer Question

I closed my S-Corp business in 1/31/2008. I filed my last return in 10/15/2009. I recently received a letter from the IRS indicating that I owe them in penalty late filing fee of $1426.00 I spoke to IRS agent she indicated that she could not waive the penalty. She also indicated that I can submit a letter of explanation for late filing which would constitute an act of GOD. Is there any way of not having to pay this penalty? I live in the state of CA if that matters. I am willing to pay more if there is a remedy.
Submitted: 4 years ago.
Category: Tax
Expert:  JudgeLaw replied 4 years ago.
The IRS's operation handbook, the Internal Revenue Manual, sets out general rules for negotiating penalty abatement. The ability to grant relief from penalties falls into four categories: reasonable cause, statutory exceptions, administrative waivers and correction of service error. The most flexibility in the area of reasonable cause when it comes to negotiating a settlement for a penalty. The IRM states, "Reasonable cause relief is generally granted when the taxpayer exercises ordinary business care and prudence in determining their tax obligations, but is then unable to comply with those same obligations."

To avail a waiver on tax penalties, you have to fill up the form 2210. Provide as much supporting evidence as possible.

The IRS is less likely to abate late filing penalties than underpayment penalties, the reasoning being that there are less good reasons for late filing than late paying.

Good luck. I hope it turns out ok.
JudgeLaw, Attorney
Category: Tax
Satisfied Customers: 20992
Experience: Over 25 years practicing law
JudgeLaw and 6 other Tax Specialists are ready to help you
Customer: replied 4 years ago.
Thank you for your answer. I'll give it a shot. isn't 2210 for underpayment only? Mine is a late filing penalty.

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