Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

First time filer, unfamiliar with the process filed S-Corp return in April, does being new…

Customer Question
First time filer, unfamiliar with...
First time filer, unfamiliar with the process filed S-Corp return in April, does being new at this qualify for penalty relief? No other reasons than confusion about the process.
Submitted: 2 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 19 minutes by:
6/2/2015
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,637
Experience: 3+ decades of varied tax industry exp. Tax Biz owner
Verified
Welcome. Thank you for choosing us to assist you. My name is ***** ***** my goal is to help make your life, a little... less taxing.
Let me first mention that an S-corp return is due March 15th, not in April. As this is the first time, you can file a FTA (First Time Abatement) waiver. SEE BELOW:
The IRS’s first-time abatement penalty waiver (FTA), although introduced 12 years ago, is infrequently used by qualifying taxpayers. An FTA can be obtained for a failure-to-file, failure-to-pay, or failure-to-deposit penalty.
A taxpayer may claim an FTA for only a single tax period. To qualify, taxpayers must not have been assessed any other penalties of a “significant amount” on the same type of tax return within the past three years and must be in compliance with all filing and payment requirements.
IRS personnel use a decision-support software tool called the Reasonable Cause Assistant (RCA) to help determine whether a taxpayer is eligible for an FTA. However, the RCA has been criticized for yielding a high percentage of incorrect determinations of FTA eligibility that IRS personnel generally do not correct.
Through persistence, a practitioner can often persuade the IRS to reverse an initial incorrect determination that a taxpayer does not qualify for an FTA.
REFERENCE SOURCE:
http://www.aicpa.org/publications/taxadviser/2013/july/pages/buttonow_july2013.html.aspx
Let me know if I can be of further assistance to you regarding this matter.
Ask Your Own Tax Question
Was this answer helpful?
Ask Tax.appeal.168 Your Own Question
Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 4,637
4,637 Satisfied Customers
Experience: 3+ decades of varied tax industry exp. Tax Biz owner

Tax.appeal.168 is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,495 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,272 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
My name is **************. My Tax return was filed in very
My name is **************. My Tax return was filed in very Early March. I am expecting a Return of some $13,000. My Tax Guy says cheque was mailed on April 26th . Is that Correct ? I live in Collingwo… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
My tax return was filed through Turbo Tax and was accepted
my tax return was filed through Turbo Tax and was accepted by IRS on 3/19/20018. I gave my debit account number and I understood the amount I owe was to be deducted and paid to Irs. … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
Tax adviser filed taxes incorrectly using US-Spain treaty.
tax adviser filed taxes incorrectly using US-Spain treaty. Tax office says not valid and sent me a bill for 2 years a big amount, I cannot pay what are my options … read more
taxmanrog
taxmanrog
Master\u0027s Degree
935 satisfied customers
Is there an online software for filing a Canadian 5013t form
is there an online software for filing a Canadian 5013t form for a u.s. resident? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
My question is not a software question, it is a tax issue
My question is not a software question, it is a tax issue question. When filing this year's return, the purchase price of a rental property was inadvertently not included. Must I file an amended retur… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,026 satisfied customers
I just filed a client's tax return for 2014. Tax return
I just filed a client's tax return for 2014. Tax return filing was due 4/15/2015...filed 4/17/2018. - just met the 3 year filing window. If I need to amend, is there a new window of time to do this?… read more
Tax.appeal.168
Tax.appeal.168
Tax Accountant
4,637 satisfied customers
How I can file for an extension to file the tax return for
How I can file for an extension to file the tax return for 2017. … read more
Dr Arthur Rubin
Dr Arthur Rubin
Doctoral Degree
24 satisfied customers
I'm having issues filing with TurboTax. I'm using software
I'm using software installed on my computer because I am also filing 2016 at this time … read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,113 satisfied customers
I filed my tax return electronically but inadvertently
I filed my tax return electronically but inadvertently omitted 3 pdf files that should have been attached to the return substantiating the figures I entered on schedule D and schedule A. The software … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I am a tax preparer and am filing my first tax return using
I am a tax preparer and am filing my first tax return using an ITIN. How do I do this and are there any pitfalls I need to be alert for. I am filing for 3 years.… read more
Carter McBride
Carter McBride
LLM
1,046 satisfied customers
The tax return software I used last year sent me a copy of
The tax return software I used last year sent me a copy of my 2016 return so i could get the AGI...but in checking it closer after 2017 return was rejected, I find that the dollar amounts on 2016 and … read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
I electronically filed my 2017 return using Turbo Tax.3
I electronically filed my 2017 return using Turbo Tax.3 weeks later the IRS sent me a letter saying they were reviewing my return. I haven't received any further notice from them and can't get a live … read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
836 satisfied customers
We are doing our income tax using H&R Bolck software and it
We are doing our income tax using H&R Bolck software and it is saying we did not draw enough money from our retirement account. This is wrong according to our IRA Kingdom Trust IRA company. We need he… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
836 satisfied customers
When using taxact software to file where do we claim
when using taxact software to file where do we claim automobile tabs and the tax from purchasing a new vehicle. … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
When I filed my 2016 tax return, the tax preparer used a
When I filed my 2016 tax return, the tax preparer used a form 4797 because in 2015 I sold a rental property. This was the only property I owned. I am retired & my annual income is a little over $20,00… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,272 satisfied customers
I am using on-line H&R tax software and I, for the first
I am using on-line H&R tax software and I, for the first time, seem to be hitting AMT. There seems to be a very small % of people that have to pay AMT so I''m wondering if I am doing something wrong o… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Whats the best tax software to file personal and business
Whats the best tax software to file personal and business taxes. we started our firm last year and we have very few clients we would like to pay per tax file because we have about 30 clients only.What… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,026 satisfied customers
Use your tax software to complete this project. As your
Use your tax software to complete this project.As your Comprehensive Tax Return Final Project, you'll be preparing the 2016 tax return for Kevin Kent and ***** *****. The Kent's Intake Sheet is below.… read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x