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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7119
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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Margie. I have a 5227 late filing penalty. Can I use the

Customer Question

Hi, Margie. I have a 5227 late filing penalty. Can I use the First time abatement for this penalty?
JA: Thanks. Can you give me any more details about your issue?
Customer: 5227 filed late
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Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Evidently Margie isn't currently available as your question was returned to the "Q".

I am available to assist you or you can wait for Margie, it is completely up to you.

Just Let me know. I'm familiar with the 5227 and the FTA procedures.

Steve G.

Customer: replied 1 year ago.
I have been waiting your response
Expert:  Stephen G. replied 1 year ago.

Sorry, I have been with another customer and I hadn't been notified by the site that you wanted me to proceed.

Can you give me some additional details concerning the late filing?

Was the penalty assessment for the full $10,000.?

What type of entity & return was late with the 5227 filing.

How late was the 5227 filed and what year did it apply to.

While the FTA should be applicable to the 5227, recent changes in the requirements have now required that the 5227 must be filed as part of the related tax return filing and not be filed on it's own.

I've recently prepared a letter requesting abatement under the FTA procedure for another customer, but the American Instituted of CPAs recommends that, if applicable, a "reasonable cause" abatement request be incorporated into the abatement letter request.

Expert:  Stephen G. replied 1 year ago.

Do you have any additional follow-up questions?

If you can respond to my questions, I can give you further assistance.

If not, please remember to rate my response as that is the only way we receive credit for our work.

Thanks very much,

Steve G.