NASSAUSUFFOLK

Unfortunately, extensions were not filed for a sub-s client (2 shareholders). (Returns were supposed to be filed the last week before the 15th; this didn't happen.) Fed, state, and city returns were just filed on 6/16 (a Monday), as the client was unable to produce the needed records until early June. In effect they were 4 months late. Penalty notices were recently received from IRS, NYS.
I've read up on the IRS 'FTA', first time penalty abatement waiver, and it appears to me that this wouldn't work, because you need to have filed a valid extension! They were penalty free for the last 3+ years, which is one of the main pre-requisites to qualify.
I'd appreciate any useful comments to try to get these penalties abated. The IRS penalty is especially harsh, as it's for 4 months @ $195/shareholder/mo ($390/mo).

-------------------------------------------
Martin Cohen
MARTIN H. COHEN, CPA
West Hempstead NY
-------------------------------------------

I have no suggestions... except to call and plead your case....
however, I do think they will give you the first month free... both Feds and State.

-------------------------------------------
Abby Alhante
KURCIAS & ALHANTE, CPAs LLC
Woodbury NY
-------------------------------------------


Original Message:
Sent: 07-02-2014 11:48
From: Martin Cohen
Subject: Penalties on missed s-corp extensions

Unfortunately, extensions were not filed for a sub-s client (2 shareholders). (Returns were supposed to be filed the last week before the 15th; this didn't happen.) Fed, state, and city returns were just filed on 6/16 (a Monday), as the client was unable to produce the needed records until early June. In effect they were 4 months late. Penalty notices were recently received from IRS, NYS.
I've read up on the IRS 'FTA', first time penalty abatement waiver, and it appears to me that this wouldn't work, because you need to have filed a valid extension! They were penalty free for the last 3+ years, which is one of the main pre-requisites to qualify.
I'd appreciate any useful comments to try to get these penalties abated. The IRS penalty is especially harsh, as it's for 4 months @ $195/shareholder/mo ($390/mo).

-------------------------------------------
Martin Cohen
MARTIN H. COHEN, CPA
West Hempstead NY
-------------------------------------------

Marty:

Unfortunately, you would have avoided NYS penalties if you made a voluntary disclosure request. You cannot, however, use the voluntary disclosure program once the return has been filed.

Robert

-------------------------------------------
Robert Brown
ROBERT N. BROWN, CPA
Jericho NY
-------------------------------------------


Original Message:
Sent: 07-02-2014 11:48
From: Martin Cohen
Subject: Penalties on missed s-corp extensions

Unfortunately, extensions were not filed for a sub-s client (2 shareholders). (Returns were supposed to be filed the last week before the 15th; this didn't happen.) Fed, state, and city returns were just filed on 6/16 (a Monday), as the client was unable to produce the needed records until early June. In effect they were 4 months late. Penalty notices were recently received from IRS, NYS.
I've read up on the IRS 'FTA', first time penalty abatement waiver, and it appears to me that this wouldn't work, because you need to have filed a valid extension! They were penalty free for the last 3+ years, which is one of the main pre-requisites to qualify.
I'd appreciate any useful comments to try to get these penalties abated. The IRS penalty is especially harsh, as it's for 4 months @ $195/shareholder/mo ($390/mo).

-------------------------------------------
Martin Cohen
MARTIN H. COHEN, CPA
West Hempstead NY
-------------------------------------------

is it an arduous task ?

I have three individuals who the gov't is not looking for, and are late with 2012   and 2013  

-------------------------------------------
Abby Alhante
KURCIAS & ALHANTE, CPAs LLC
Woodbury NY
-------------------------------------------


Original Message:
Sent: 07-03-2014 09:34
From: Robert Brown
Subject: Penalties on missed s-corp extensions

Marty:

Unfortunately, you would have avoided NYS penalties if you made a voluntary disclosure request. You cannot, however, use the voluntary disclosure program once the return has been filed.

Robert

-------------------------------------------
Robert Brown
ROBERT N. BROWN, CPA
Jericho NY
-------------------------------------------


Original Message:
Sent: 07-02-2014 11:48
From: Martin Cohen
Subject: Penalties on missed s-corp extensions

Unfortunately, extensions were not filed for a sub-s client (2 shareholders). (Returns were supposed to be filed the last week before the 15th; this didn't happen.) Fed, state, and city returns were just filed on 6/16 (a Monday), as the client was unable to produce the needed records until early June. In effect they were 4 months late. Penalty notices were recently received from IRS, NYS.
I've read up on the IRS 'FTA', first time penalty abatement waiver, and it appears to me that this wouldn't work, because you need to have filed a valid extension! They were penalty free for the last 3+ years, which is one of the main pre-requisites to qualify.
I'd appreciate any useful comments to try to get these penalties abated. The IRS penalty is especially harsh, as it's for 4 months @ $195/shareholder/mo ($390/mo).

-------------------------------------------
Martin Cohen
MARTIN H. COHEN, CPA
West Hempstead NY
-------------------------------------------

Filing NYS voluntary disclosure is very easy - you can do so as long as you have not filed the returns- You make the request on line-by logging onto the NYS web site; give a reason for the late filing, etc; tell them the estimated tax amount & request penalty abatement.  NYS usually replies in 2 months - at that point you send the singed paper tax return, check & voluntary disclosure form--- bring the info with you to the next meeting & I will so you how to do it :)
ap
-------------------------------------------
Andrea Parness
CPA
A. Parness Company, CPA
Belle Harbor NY
-------------------------------------------


Original Message:
Sent: 07-03-2014 09:55
From: Abby Alhante
Subject: Penalties on missed s-corp extensions

is it an arduous task ?

I have three individuals who the gov't is not looking for, and are late with 2012   and 2013  

-------------------------------------------
Abby Alhante
KURCIAS & ALHANTE, CPAs LLC
Woodbury NY
-------------------------------------------


Original Message:
Sent: 07-03-2014 09:34
From: Robert Brown
Subject: Penalties on missed s-corp extensions

Marty:

Unfortunately, you would have avoided NYS penalties if you made a voluntary disclosure request. You cannot, however, use the voluntary disclosure program once the return has been filed.

Robert

-------------------------------------------
Robert Brown
ROBERT N. BROWN, CPA
Jericho NY
-------------------------------------------


Original Message:
Sent: 07-02-2014 11:48
From: Martin Cohen
Subject: Penalties on missed s-corp extensions

Unfortunately, extensions were not filed for a sub-s client (2 shareholders). (Returns were supposed to be filed the last week before the 15th; this didn't happen.) Fed, state, and city returns were just filed on 6/16 (a Monday), as the client was unable to produce the needed records until early June. In effect they were 4 months late. Penalty notices were recently received from IRS, NYS.
I've read up on the IRS 'FTA', first time penalty abatement waiver, and it appears to me that this wouldn't work, because you need to have filed a valid extension! They were penalty free for the last 3+ years, which is one of the main pre-requisites to qualify.
I'd appreciate any useful comments to try to get these penalties abated. The IRS penalty is especially harsh, as it's for 4 months @ $195/shareholder/mo ($390/mo).

-------------------------------------------
Martin Cohen
MARTIN H. COHEN, CPA
West Hempstead NY
-------------------------------------------

sure thing... and thanks

-------------------------------------------
Abby Alhante
KURCIAS & ALHANTE, CPAs LLC
Woodbury NY
-------------------------------------------


Original Message:
Sent: 07-03-2014 17:04
From: Andrea Parness
Subject: Penalties on missed s-corp extensions


Filing NYS voluntary disclosure is very easy - you can do so as long as you have not filed the returns- You make the request on line-by logging onto the NYS web site; give a reason for the late filing, etc; tell them the estimated tax amount & request penalty abatement.  NYS usually replies in 2 months - at that point you send the singed paper tax return, check & voluntary disclosure form--- bring the info with you to the next meeting & I will so you how to do it :)
ap
-------------------------------------------
Andrea Parness
CPA
A. Parness Company, CPA
Belle Harbor NY
-------------------------------------------


Original Message:
Sent: 07-03-2014 09:55
From: Abby Alhante
Subject: Penalties on missed s-corp extensions

is it an arduous task ?

I have three individuals who the gov't is not looking for, and are late with 2012   and 2013  

-------------------------------------------
Abby Alhante
KURCIAS & ALHANTE, CPAs LLC
Woodbury NY
-------------------------------------------


Original Message:
Sent: 07-03-2014 09:34
From: Robert Brown
Subject: Penalties on missed s-corp extensions

Marty:

Unfortunately, you would have avoided NYS penalties if you made a voluntary disclosure request. You cannot, however, use the voluntary disclosure program once the return has been filed.

Robert

-------------------------------------------
Robert Brown
ROBERT N. BROWN, CPA
Jericho NY
-------------------------------------------


Original Message:
Sent: 07-02-2014 11:48
From: Martin Cohen
Subject: Penalties on missed s-corp extensions

Unfortunately, extensions were not filed for a sub-s client (2 shareholders). (Returns were supposed to be filed the last week before the 15th; this didn't happen.) Fed, state, and city returns were just filed on 6/16 (a Monday), as the client was unable to produce the needed records until early June. In effect they were 4 months late. Penalty notices were recently received from IRS, NYS.
I've read up on the IRS 'FTA', first time penalty abatement waiver, and it appears to me that this wouldn't work, because you need to have filed a valid extension! They were penalty free for the last 3+ years, which is one of the main pre-requisites to qualify.
I'd appreciate any useful comments to try to get these penalties abated. The IRS penalty is especially harsh, as it's for 4 months @ $195/shareholder/mo ($390/mo).

-------------------------------------------
Martin Cohen
MARTIN H. COHEN, CPA
West Hempstead NY
-------------------------------------------