New
Need 1120-S Penalty Abatement Forms
We need the 843 form for S-Corporations. Likewise, we could use a NY penalty abatement form.
I submitted three clients for retroactive S-Corp filing status to 1/1/23. IRS approved the status 8/12.
I had the corporate returns ready and e-filed the next day. Clients then get letters seeking $1,175 penalties from IRS and $300+ from NY because:
- The 1120-S return - which pays no tax - wasn't filed on 3/15. We couldn't possibly file it before they approved it. So charging the penalty is egregious.
- Enter NY for the same nonsense
The 843 exists for personal returns not corporate ones. Any retro S-Corp status filing will likely need the form.
Thanks!
