HOW TO ABATE PENALTIES | Jeffrey B. Travis | jeffreybtraviscpa.com
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.
Chicago news, Chicago sports, Chicago business, Chicago entertainment, Chicago weather, Chicago traffic | Jeffrey B. Travis, CPA | Northbrook, IL | jeffreybtraviscpa.com | Hyperlocal Topics: Arts & Entertainment, Bulletin Board, Business, Community Corner, Health and Fitness, Home and Garden, Jobs, Kids and Family, Local Deals and Classifieds, Local Voices, Obituaries, Police and Fire, Politics and Government, Real Estate, Schools, Seasonal & Holidays, Sports, Weather
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan R...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...
847-267-0300 | JEFFREY B TRAVIS CPA | Jeff Travis, CPA | Jeffrey B. Travis | JeffreyBTravis.com: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd...: JEFFREY B. TRAVIS | 847-267-0300 | 740 Waukegan Rd, Deerfield, IL 60015 | jeff travis cpa: PENALTY ABATEMENT OVERVIEW | jeffrey b travis cpa...
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