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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2543
Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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Do to money problems cut professional tax prep and start to

Resolved Question:

Do to money problems cut professional tax prep and start to do tax stuff in house, filed extention on 1020S 4-14-2012 found out now it should of been filed 3-15-2012 then filed 1020S 10-14-2012. Now I have bill for $195 per shareholder x 7 months $2730 I only find on the web $85 did it go up and is there any begging way to get out of it
Submitted: 1 year ago.
Category: Tax
Expert:  Tax.appeal.168 replied 1 year ago.
Welcome, THANK YOU for using Just Answer. My goal is to help make your life...a little...LESS taxing.

Yes, the failure to file fee did increase to $195 per shareholder for tax years beginning after 2009. In order to abate the penalty, you will need to have good cause/reasonable cause. Also, if you have a good history of timely filing, and payment history, the IRS usually will consider, and in a lot of cases, grants a "One time" consideration and abates the penalties. You will need to request an abatement for the penalties to be waived. Please note that it is not guaranteed that the IRS will abate the penalties, but it is worth a try. I will provide you further details under separate cover shortly as to how you would request the abatement. Thank you for your patience.
Customer: replied 1 year ago.


I have been a bad filler over the years. been s corp since 1998 this is the first time for this penelty. Just got done paying of installments over the past 5 years on back employee taxes another business. I will be calling irs today

Expert:  Tax.appeal.168 replied 1 year ago.
Hello again,

Unless you have good cause, in your case, they may not approve the abatement. However you can still try. In some cases, they IRS will approve an abatement over the telephone, but in most cases a formal letter requesting an abatement has to be sent to them.

---------------------------------------------------
Procedure for requesting an abatement:


A letter will need to be written requesting an abatement of the penalties. In the letter, you will need to state the reason or reasons why the return was filed late. More than likely using the reason that you were not aware of the filing date will likely not get the abatement approved. You will send the letter to the same address where you file the returns. You may want to send the letter, certified, return receipt requested.

Please let me know if I can be of further assistance to you regarding this matter.

Thank you again for using JUST ANSWER.
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2543
Experience: Nearly 30 years of varied tax industry exp. Tax Biz owner
Tax.appeal.168 and 4 other Tax Specialists are ready to help you

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