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Tyrone J. Taylor
Tyrone J. Taylor, Enrolled Agent
Category: Tax
Satisfied Customers: 52
Experience:  Owner at Taylor Tax and Financial Consulting
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I need to be able to waive late penalty under IRC 6699(a)(1),

Customer Question

I need to be able to waive late penalty under IRC 6699(a)(1), can you help?
JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: I have received late penalty for late filing of 1120S and I need to waive it.
JA: Anything else I can tell the Accountant before I connect you two?
Customer: I had used 1st time penalty abatement two years ago
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form, I'll tell the Accountant about your situation and connect you two.
Submitted: 6 months ago.
Category: Tax
Expert:  Tyrone J. Taylor replied 6 months ago.
Good evening,I am an Enrolled Agent with 9 years of professional tax experience.I hate to be the bearer of bad news, but this is a very difficult penalty to have waived, especially if you have already utilized First-Time Abate within the last 3 years. I have heard some tax professionals have been able to obtain a waiver based on the same criteria as the small partnership waiver (Rev Procedure 84-35), but that is a long shot. This may be your best bet, unless you can meet the IRS's definition of "Reasonable Cause" as to why you were late filing the tax return.I try to emphasize this to any S-Corporation clients that it is very important to file these returns on time, and/or get an extension because of the high late filing fee.I am sorry I was unable to provide you with more positive news. If you have any other questions, please let me know. If not, please feel free to go ahead and rate my answer (based on quality...if possible!) Thank you, ***** ***** a good evening.
Expert:  Tyrone J. Taylor replied 6 months ago.
Good morning,I am checking to see if you needed any clarification for my answer. If your question has been answered, please go ahead and rate my answer so your question can be closed out. Thank you.

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