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This is an IRS tax questions... I have a customer I'm

This is an IRS tax...
This is an IRS tax questions...
I have a customer I'm working with on an IRS tax debt. The debt only exist because the W2 updates were not filed in a timely manner for a medicare correction to the 941. As a result the IRS charged a late filing penalty of over $3100. What recourse do they have. This is for a 501c3 - church. Can this be waived, is it something they will allow payments on? I'd like to know options that may be available. This is in Texas.
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Answered in 1 hour by:
11/5/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,408
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified

Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

You can request a First Time Penalty Abatement from the IRS if:

  • You didn’t previously have to file a return or you have no penalties for the 3 tax years prior to the tax year in which you received a penalty.
  • You filed all currently required returns or filed an extension of time to file.
  • You have paid, or arranged to pay, any tax due.

The following IRS link contains additional information regarding the First Time Penalty Abatement:

https://www.irs.gov/businesses/small-businesses-self-employed/penalty-relief-due-to-first-time-penalty-abatement-or-other-administrative-waiver

You can request an installment agreement and once that is put in place, request the First Time Penalty Abatement.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 8 months ago
For the installment agreement is it the standard agreement used for individual tax payers? If not tell me the form number.

It is the standard installment agreement.

The easiest/quickest way is to request an installment agreement by phone directly with the IRS. Then you can immediately send in the request for a First Time Penalty Abatement.

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 6,408
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
Verified
Barbara and 87 other Tax Specialists are ready to help you
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Enjoy the rest of your weekend!

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Barbara
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Category: Tax
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Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.

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