Atlanta CPA: Can I Get the IRS To Consider Penalty Abatement?
What Happens if I Late File & Late Pay My Payroll Tax Forms & Payments?
When you do not timely file and pay payroll and income tax returns when due, absent reasonable cause, can give rise to tax penalties being assessed by the IRS and the state of Georgia. of a business and prove to the IRS that it qualifies for the reasonable cause exception to the penalty will be determined on a case-by-case basis taking into account all relevant facts and circumstances. IRS regulations require that a request for abatement of penalties based on reasonable cause must be made in the form of a written statement, containing a declaration by the appropriate person that the statement is made under penalties of perjury, setting forth all the facts alleged as reasonable cause. When requesting abatement of penalties for reasonable cause, your statement should include supporting documentation and address the following items.
I You File & Late Pay My Payroll Tax Forms & Payments the IRS will consider penalty abatement if you can provide a reasonable reason for the inadvertent oversight by documenting what precluded the business from complying with the law, including:
-The IRS as part of an prudent penalty abatement consideration will want to understand the internal controls you have implemented to preclude the same situation from occurring in the future including the hiring of a CPA, a payroll service and educating yourself on IRS and Georgia tax law surrounding the timely filing and payment of all payroll and income taxes due.
- The IRS as part of an prudent penalty abatement consideration will want to understand what precluded you from originally requesting an extension of time to file its return, if the organization did not request such an extension and why if it did file an extension was it still late and the business's reasonable cause for such late filing and payment.
- The IRS as part of an prudent penalty abatement consideration will want to understand the reasonable causes of how the business not neglectful or careless, but exercised ordinary business care and prudence and what facts and circumstances can you state to prove this. Care should be given to review any reasonable cause request to have your CPA independently review this before signing the Power of Attorney and submitting the penalty abatement request to the IRS.
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