EXPLAINED: Late filing penalty relief (or relief for other types of penalties)

[Sean O'Keefe]

Late filing penalties, late payment, and underpayment penalties are the most common for taxpayers.

We have a lot of last-minute filers reaching out for help. Unfortunately, we don't have any more bandwidth to take on new clients that want to file before the 10/16 deadline. (I'm sure there are a lot of other CPAs in a similar situation right now). 

Instead of helping you file by 10/16, I thought it would be helpful to offer more information on penalty relief and the penalty appeal process for real estate investors struggling to get their tax returns in on time. I understand life happens and taxes aren't always the first priority. 

Penalties Eligible for Relief

You may qualify for penalty relief if you tried to comply with tax laws but were unable due to circumstances beyond your control. 

Penalties eligible for penalty relief include:

• Information Return
• Failure to File
• Failure to Pay
• Accuracy-Related
• Failure to Deposit
• Dishonored Check
• Underpayment of Estimated Tax by Corporations
• Underpayment of Estimated Tax by Individuals
• Other penalties as applicable

For more information from the IRS on penalties and how to request relief is available here. You can also get help from a tax professional to support you with this. 

Wishing everyone a happy 10/16 :) 
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[Laura Newton]

@Sean O'Keefe this is helpful. 
Thank you!