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Margie. I have a 5227 late filing penalty. Can I use the…

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Hi, Margie....

Hi, Margie. I have a 5227 late filing penalty. Can I use the First time abatement for this penalty?

Accountant's Assistant: Thanks. Can you give me any more details about your issue?

5227 filed late

Submitted: 2 years ago.Category: Tax
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Answered in 26 minutes by:
2/24/2016
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years ago
Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 7,469
Experience: Extensive Experience with Tax, Financial & Estate Issues
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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.

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Customer reply replied 2 years ago
I have been waiting your response
Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years 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.

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Tax Professional: Stephen G., Sr Income Tax Expert replied 2 years 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.

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