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S-corp late filing penalty abatement letter sample Form: What You Should Know
Dec 2030 — Your 6-year Period of Penalty Abatement has ended (no interest) 18 Jan 2023 — Your 6-year Period of Penalty Abatement is expiring. 28 Jan 2023 — For your 2023 tax return, you receive a Penalty Relief Notice from the IRS indicating you have an outstanding balance of penalty abatement. For example, you owe 1,500 on your 2023 return and the penalty is currently 1,000. 26 June 2023 — You receive additional First Time Abate letter indicating you were required to file by 31 Dec of the tax year (your due date for tax liability) and you do not have another tax due. It is assumed you paid all 6-year penalty abatement balances due on your tax return. 28 June 2023 — You receive a Penalty Relief Notice stating you did not need to file a return for the 2023 tax year that ends on 31 Dec 2022. You may need to consider your clients circumstances. Is it fair for you to require them to pay additional penalty if you are responsible for the failure to pay? Or do the two situations not meet your criteria for the penalty abatement relief you may be able to provide? Also, be sure to understand your client's unique situation and ensure that every effort is made to meet the IRS's First Time Abate policy, not only to avoid the penalty, but also to reduce the burden on the taxpayer. The following pages contain a template to request First Time Abate penalty abatement on behalf of your clients due to COVID-19 difficulties. Additional guidance. Template for requesting penalty abatement available from 28 Oct 2023 --The AICPA has created a template for members and their advisors to use when requesting a penalty abatement from the IRS. The template and a fact sheet, available from the AICPA Publications page, provide helpful information about the procedures for requesting penalty abatement. The following pages contain a template to request penalty abatement for your clients due to COVID-19 difficulties. Additional guidance (PDF).
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