We have a client who was assessed a NYC UBT underpayment penalty (due to a very large gain that occurred in the 2nd quarter of 2015) as they were excluded from using the prior year's tax as a safe harbor and neglected to make their 4th installment. Unfortunately, 2014 was the first year that their taxable income exceeded 1 million dollars.Does anyone know if there is a possibility to get the penalty waive as this was the first year that they were not able to use the prior year's tax as a safe harbor? Can anyone give me Mark Klein's phone number or email address?
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James Diapoules
CPA
DIAPOULES & FEINSTEIN, PC
Melville NY
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