Deerfield Accountant | Hyperlocal News | Chicago, North Shore, Lake County, IL | #jefftravis #jefftraviscpa #jeffreybtravis #jeffreybtraviscpa #deerfieldaccountant #deerfieldil

Home » 2016 » November

Monthly Archives: November 2016

Advertisements

jeffrey b travis cpa

Jeffrey B. Travis | jeffreybtraviscpa.com | 847-267-0300 from Jeffrey B. Travis, CPA.

Jeff Travis CPA | 847-267-0300 | Jeff Travis CPA

Advertisements

Jeff Travis CPA

My @Quora post: Jeff Travis CPA

Post by JEFFREY B TRAVIS:

Jeff Travis CPA

Jeff Travis CPA

HOW TO ABATE PENALTIES

HOW TO ABATE PENALTIES | Jeffrey B. Travis

Over the years, our CPA firm has written countless letters to combat penalty assessments with great success. The most common way to abate penalties are

1) FTPA-First Time Penalty Abatement-This excuse to remove penalties is available for three types of penalties
a) Failure to file
b) Failure to pay
c) Failure to deposit

More specifically
1) Files timely-but balance due-No payment
2) Files late-payment (Full or partial)
3) Files late-NO payment
4) Fails to file
5) Audited-additional tax assessed

Using the first time penalty abatement excuse is a one-time option. The requirements to abate a penalty using FTPA are
1) The taxpayer is in compliance and has filed all previous tax returns
2) Three years prior to penalty are clean
3) No failure to file or failure to pay assessed

Reasonable cause can also be used to abate penalties. The following can be used as cause to abate penalties
1) Ordinary business care and prudence
2) Death, Serious illness or unavoidable absence
3) Fire, casualty or natural disaster
4) Unable to obtain records
5) Erroneous advice or reliance-relates to issues too technical or complicated for a layperson.

 

Jeff Travis, CPA | jtraviscpa.com

Post on @Quora by @JTRAVISCPA: Jeff Travis, CPA | jtraviscpa.com

Post by Jeffrey B Travis CPA:

Jeff Travis, CPA | jtraviscpa.com

Jeff Travis, CPA | jtraviscpa.com

PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

Post on @Quora by @JTRAVISCPA: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

Post by Jeffrey B Travis CPA:

PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

Post on @Quora by @JTRAVISCPA: My @Quora post: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

Post by Jeffrey B Travis CPA:

My @Quora post: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa

PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa