Legal Question in Tax Law in Utah

I filed my business tax returns 5 months late and the IRS is now wanting $2000 in penalties. The business has $70 in cash, it earned about $300 in revenue, and had about $3000 in expenses. So I have any options to settle for a lot less or eliminate the penalty?


Asked on 3/07/12, 5:58 pm

1 Answer from Attorneys
Paul Jones Paul W. Jones Attorney LLC

This penalty can be abated for reasonable cause. I would write the IRS a letter explaining why you filed late and also mention that the business had a loss and that it had very little expenses and revenue. I'd be really surprised if they didn't waive that penalty.

Read more
Answered on 3/07/12, 8:16 pm


Related Questions & Answers

More Tax and Taxation Law questions and answers in Utah