Any tax experts here?

[Phillip]

I am in an LLC with 4 people, with a small side business, that doesn't even really even make much. We clearly filed our taxes on time, but just now got a letter that we are being charged a penalty for filing 2 months late, even though we are completely paid up. So they are charging us $1,560.

What should I do? I feel that we shouldn't have to pay this.

[DJR210]

Well, calling an attorney sounds like a better plan than creating a thread on ST, IMO

[SpursforSix]

I am in an LLC with 4 people, with a small side business, that doesn't even really even make much. We clearly filed our taxes on time, but just now got a letter that we are being charged a penalty for filing 2 months late, even though we are completely paid up. So they are charging us $1,560.

What should I do? I feel that we shouldn't have to pay this.

Have a cpa write a letter explaining that you did not make any income. If that's really the case. Done this a few times and they have always granted exceptions. But if you did in fact have income, you'll probably have to pay. PM me and I can send you the wording for the letter if you don't want to pay a cpa. But I'm not 100% clear on your circumstances.

[SnakeBoy]

I am a tax expert. The best thing you can do is just ignore the letter and any future ones you may receive. The IRS is so overwhelmed it is unlikely they will ever follow up. On the off chance they do just pretend you didn't understand the letter.

[spurraider21]

i'm not an expert, but i've taken fed income tax and am currently working with a legal aid taxpayer clinic...

since ur an llc, i'm assuming they're coming after the quarterly estimated tax, rather than the typical april returns. reach out to a tax attorney, or just call the irs (though you'll be on hold for a really long time if you aren't an attorney, who gets access to a faster "practitioner priority services" line).

you can typically clear things up over the phone if you're in the right

or listen to snakeboy and ignore it... until they dont forget about you and your penalties/interest have stacked. the irs has a 10 year collection statute... a lot of interest can pile on. if my work at the legal aid clinic has taught me anything, its that the IRS wont likely let a case go... they go after people who are barely making money off social security :lol

[SpursforSix]

i'm not an expert, but i've taken fed income tax and am currently working with a legal aid taxpayer clinic...

since ur an llc, i'm assuming they're coming after the quarterly estimated tax, rather than the typical april returns. reach out to a tax attorney, or just call the irs (though you'll be on hold for a really long time if you aren't an attorney, who gets access to a faster "practitioner priority services" line).

you can typically clear things up over the phone if you're in the right

or listen to snakeboy and ignore it... until they dont forget about you and your penalties/interest have stacked. the irs has a 10 year collection statute... a lot of interest can pile on. if my work at the legal aid clinic has taught me anything, its that the IRS wont likely let a case go... they go after people who are barely making money off social security :lol

I don't believe there is a penalty for not filing quarterly. I don't think that's a requirement.

[UNT Eagles 2016]

yeah, if you owe money to the IRS for too long they will administratively garnish your wages, they'll take money out of your IRAs, 401ks, SS, whatever they can get their hands on.

[spurraider21]

yeah, if you owe money to the IRS for too long they will administratively garnish your wages, they'll take money out of your IRAs, 401ks, SS, whatever they can get their hands on.
it takes a while to get to that point, that's not an immediate concern

[spurraider21]

I don't believe there is a penalty for not filing quarterly. I don't think that's a requirement.
that's not always true, but yeah based on income figures, withholdings, etc... you might fall in the large category that avoids penalties

the fact that he owes over 1,000 would mean he could fall in the penalized range (again, i'm just assuming its for the quarterly)

[SpursforSix]

that's not always true, but yeah based on income figures, withholdings, etc... you might fall in the large category that avoids penalties

the fact that he owes over 1,000 would mean he could fall in the penalized range (again, i'm just assuming its for the quarterly)

I believe the $1,560 is all penalty and no taxes. It's $195 per member per month that it's late. So $195 x 4 members x 2 months = $1,560.
He wasn't clear if the business made any money or not. If it had 0 income, I believe he can get it cleared up with a call and/or letter.

[spurraider21]

I believe the $1,560 is all penalty and no taxes. It's $195 per member per month that it's late. So $195 x 4 members x 2 months = $1,560.
He wasn't clear if the business made any money or not. If it had 0 income, I believe he can get it cleared up with a call and/or letter.
most probably. if you're in the right, you can usually resolve these samller issues with a call

[DMC]

I am in an LLC with 4 people, with a small side business, that doesn't even really even make much. We clearly filed our taxes on time, but just now got a letter that we are being charged a penalty for filing 2 months late, even though we are completely paid up. So they are charging us $1,560.

What should I do? I feel that we shouldn't have to pay this.
A couple of things:

1. Did you file personally? If not, how do you know you filed on time?

2. You need an accountant.

[Phillip]

Easily handled. I called, and requested a First Time Abatement, and everything is cool now.

Thanks for nothing, faggots.

[SpursforSix]

Easily handled. I called, and requested a First Time Abatement, and everything is cool now.

Thanks for nothing, faggots.

what the fuck. I think two or three people suggested that.

[spurraider21]

Easily handled. I called, and requested a First Time Abatement, and everything is cool now.

Thanks for nothing, faggots.
i'm glad you had to come running to spurstalk to ask a question that you "easily handled" with a phone call

faggot

[pgardn]

I am an expert in paying taxes without having any idea what my accountant is doing and not really caring. Glad I could help Big Phil.

[DeadlyDynasty]

I gotta do the whole 673 thingy again...have 2 weeks to file. Any CPA's here who are familiar with these? I'm trying not to use an expat specialty firm 3 years in a row since the gubbamint is starting to target them (and their clients)

[z0sa]

Think you can survive an audit?

[DeadlyDynasty]

Yes, but it would suck

[Phillip]

what the fuck. I think two or three people suggested that.

Not a single person suggested putting in a request for a first time abatement.


i'm glad you had to come running to spurstalk to ask a question that you "easily handled" with a phone call

faggot

lol kawhi
lol butthurt
lol spurs

[Mark Celibate]

Just send them a pack of pickles you sell, letting them know how horrible the pickles taste, and they'd be convinced that you really didn't make much profit tbh.

[SpursforSix]

Not a single person suggested putting in a request for a first time abatement

Whatever peckerhead. I told you and someone else told you to solve it with a phone call or letter. Which is exactly what you did.

If anyone would have said "abatement", it would have taken 10 more posts to explain it. You should just close the LLC and take whatever write offs you can get because you're too much of a dumbass to own any part of a business.

[Phillip]

Whatever peckerhead. I told you and someone else told you to solve it with a phone call or letter. Which is exactly what you did.

If anyone would have said "abatement", it would have taken 10 more posts to explain it. You should just close the LLC and take whatever write offs you can get because you're too much of a dumbass to own any part of a business.

:lol mad

[SpursforSix]

:lol mad

Not mad at all. If you ever get mad at something posted on a message board, it's time to not get on message boards.

I was just emphatically trying to point out that you were being a dumbass.

[Phillip]

Not mad at all. If you ever get mad at something posted on a message board, it's time to not get on message boards.

I was just emphatically trying to point out that you were being a dumbass.

lol soooooo.... mad? Yep you are. :toast

[SpursforSix]

lol soooooo.... mad? Yep you are. :toast

:bobo