ILLMAS Posted August 3, 2015 Report Posted August 3, 2015 Has anyone been successful for a penalty abatement for a non-sufficient fund penalty from the IRS? My associate client failed to transfer the money and didn't realize it until the IRS notice came in, the penalty is close to $7K MAS Quote
Catherine Posted August 3, 2015 Report Posted August 3, 2015 I think I did. The client was an elderly man who thought he lost a checkbook and so called the bank to stop payment on a bunch of checks. One of them was for taxes... We sent a letter asking them to waive penalties, included a new certified check, gave all the details. They took the cash and (so far) we have had no correspondence asking for more money. But that was only two months ago, so we might still hear back. Quote
Abby Normal Posted August 3, 2015 Report Posted August 3, 2015 Are you sure it's an NSF penalty and not a late payment penalty? Seems awfully high. Quote
Catherine Posted August 3, 2015 Report Posted August 3, 2015 Especially with the large amount and the federal regulations on large transfers, you should be able to make a case to waive at least part of the penalty. Good luck! Quote
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