Technical topics regarding tax preparation.
4-May-2021 12:06pm
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- 9-Oct-2015 7:59am
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- Tennessee
Church secretary submitted EFTPS payroll tax deposit with a couple extra zeros. She couldn't cancel payment because it was scheduled for the next business day. She requested stop payment at the bank and now they have a penalty assessed for the returned payment based on the inflated amount. Do you think first time penalty abatement is the best route? Penalty is $2,500.
4-May-2021 12:43pm
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Can’t use First Time Abate for this penalty. Must establish reasonable cause. See IRM 20.1.10.7.3
https://www.irs.gov/irm/part20/irm_20-001-010r#idm139650230502304
4-May-2021 1:08pm
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- 9-Oct-2015 7:59am
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- Tennessee
Yeah. I was hoping for leniency. Believe it or not, they have granted it a few times.
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