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HOW TO ABATE PENALTIES

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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.

 

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