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Received notice from IRS today that I owe $2,340 (2015) and…

Customer Question
Received notice from IRS...

Received notice from IRS today that I owe $2,340 (2015) and $1,560 (2016). Both returns were mailed to IRS on October 15, 2017. Is there anything I can do to reduce these ridiculous penalties?

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

Section 6699(a)(1) penalties; only one shareholder.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

Not that I’m aware.

Submitted: 5 months ago.Category: Tax
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Answered in 8 minutes by:
11/20/2017
Tax Professional: Lev, Tax Advisor replied 5 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,697
Experience: Taxes, Immigration, Labor Relations
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Section 6699(a)(1) penalties are imposed on S-corporation which

--- fails to file such return at the time prescribed therefor (determined with regard to any extension of time for filing)

https://www.law.cornell.edu/uscode/text/26/6699

Please be aware - the penalty imposed by subsection (a) is assessed against the S corporation - not against you personally.

.

It is possible to abate such penalty base don reasonable cause.

Please be aware that in reality - the IRS abates only 10-15% of penalties - so you may want to have a local tax professional representing you with the IRS.

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Customer reply replied 5 months ago
No shit. I already knew that. Does my wasted $$ spent on you guys give explanation of what constitutes “reasonable cause”? Is $195 per month per shareholder apply for both 2015 and 2016 tax years?
Tax Professional: Lev, Tax Advisor replied 5 months ago

Please be aware that experts do not have access to your account...

If you have issue with payments - please direct these issued to the customer service.
If you are willing to continue conversation about tax related issues - please indicate clearly - and I will be glad to help you.

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