QUESTION
How can I abate a $4000 fee after filing 1120S late?
Asked on Nov 16th, 2012 on Taxation - Nevada
More details to this question:
I thought my accountant sent in my tax docs for 2010, but it never happened. I got a statement from IRS in 2112 that I needed to file. I found the documents and filed immediately. I am looking at a fee of $4600. I need help with this. My actual tax owed was $0.
1 ANSWER
Entities can be granted relief to file Form 8832 and elect to be treated as S corporation when they establish reasonable cause under Code Sec. 1362(b)(5), and provided it otherwise qualified as S corp.
Answered on Nov 21st, 2012 at 6:46 AM