ILLMAS Posted August 3, 2015 Report Share 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 Link to comment Share on other sites More sharing options...
Catherine Posted August 3, 2015 Report Share 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 Link to comment Share on other sites More sharing options...
Abby Normal Posted August 3, 2015 Report Share Posted August 3, 2015 Are you sure it's an NSF penalty and not a late payment penalty? Seems awfully high. Quote Link to comment Share on other sites More sharing options...
ILLMAS Posted August 3, 2015 Author Report Share Posted August 3, 2015 A $308K payment bounced. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted August 3, 2015 Report Share Posted August 3, 2015 Ouch! 3 Quote Link to comment Share on other sites More sharing options...
Catherine Posted August 3, 2015 Report Share 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 Link to comment Share on other sites More sharing options...
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