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krystalng
Level 2
October 27, 2023
Question

Amended 2020 tax return due to ERC now receives IRS notice for underpayment penalty

  • October 27, 2023
  • 1 reply
  • 7 views

Hi all,

My client received 2020 ERC in 2022, and I amended 2020 business return as well as individual return due to that ERC. Now the client received notice for underpayment penalty for 2020 1040 because of that. Could we request penalty waiver for this issue? If so, what's the form and process should I do?

TIA.

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1 reply

sjrcpa
sjrcpa
Level 15
October 28, 2023

Are you sure it's underpayment penalty? They don't usually adjust that on amended returns. But since it's ERC, maybe they do.

Most penalties can be waived for reasonable cause. You, or client, write a letter in response to the notice and bleed all over. Note I say can be waived. It gets harder all the time with IRS.

The more I know the more I don’t know.
    K
    krystalngAuthor
    Level 2
    October 28, 2023

    Got it, thank you! I will give it a try

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