IF you fail to file on time or pay on time, penalties kick in. Here are 10 reasonable causes to abate (forgive) penalties for late filing or late paying:
1. Tax returns were mailed on time. A return used to be considered filed on time if it is postmarked on or before the due date. Recent Development: You are now required to use certified mail for filing a return to prove that mailing was made on time.
2. Delay or failure to file was due to erroneous information supplied by an IRS employee.
3. Delay was caused by serious illness or death of the taxpayer or a member of your immediate family.
4. Delay was caused by your unavoidable absence.
5. Delay was caused by the destruction by fire or other casualty of your business records.
6. You were not able to determine the amount of tax due to reasons beyond your control.
7. You called the IRS for blank forms that did not arrive on time.
8. You personally visited an IRS office but were not attended to through no fault of your own.
9. You filed the return in the wrong district of the IRS and arrived at the right district after the deadline.
10. You relied on erroneous advice from the IRS.
And oh, you died.
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Sy Al-os Accountancy Corporation provides accounting and tax services to individuals, corporations, LLCs and business entities. The Firm has a niche in defending taxpayers audited by the IRS and other governmental agencies. The firm celebrates its 38th anniversary in 2015.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in 704 Mira Monte Place, Pasadena, CA 91101. He has 50 years of experience in accounting, consulting, and tax work.
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The Firm proudly welcomes Arlene Al-os in 2015. She obtained her bachelors of Science in Accountancy from Mindanao State University and MBA from Ateneo de Manila University. She teaches intermediate accounting at UCLA and was a professor of Economics at Asia Pacific College. She has over 15 years of experience including member firms of KPMG and BDO Seidman accounting firms.
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Our readers may call (626) 744-0200 or email tax questions to [email protected]. Please visit our website for about 300 tax tips at www.victorsycpa.com.
