Colorado Springs: I Filed Late and Have a Penalty, How Can I Get the Penalty Abated?

 

For years you have made estimated tax payments, filed your tax return, and paid your taxes on time.  But, as happens to so many people you have an unexpected event that contributes to you missing the April 15 filing deadline and missed making your tax payment on time.  You also failed to file an extension.  Whether you file and pay in one month or 6 months, you are likely to be assessed under Internal Revenue Code section 6651 a Failure to File Penalty and Failure to Pay Penalty.

In general to have penalties abated the IRS requires you provide an explanation of reasonable cause.  What "reasonable cause" is can be challenging to prove to the IRS.  For this discussion though the reasonable cause argument will not be needed.  How can you get penalty relief?  The Internal Revenue Manuel (IRM) has an administrative relief provision if you meet qualifying criteria.  This relief is know as First Time Abatement.

Marcelino Dodge, EA helps taxpayers to first see if they qualify and if so, then to take advantage of this administrative relief.

Cash Tracks Financial of Colorado Springs

Marcelino Dodge, EA

525 N Cascade Ave., Suite 200

Colorado Springs, CO 80903

(719) 359-8789

www.cashtracksfinancial.com

success@cashtracksfinancial.com