Penalty Abatement

Has your company received an IRS 972CG (TIN Penalty Assessment) Letter?

This notice is the IRS response to your company regarding the Information Returns filed for tax year 2016. In this notice, Penalties are assessed for returns filed with missing or incorrect Tax Id’s (TIN’s) and Names, returns filed late and returns filed on incorrect media. But before you pay this penalty, take the necessary action to attempt to abate the penalty. Do not build a history of non-compliance with the IRS.

The IRS TIN Penalty Assessment now include Form 1042-S (payments issued to foreign payees), Form 5498 and Forms W-2 – errors which could increase your risks for penalties and withholding liabilities. Additionally, penalties associated with 2010 returns or those returns filed after January 1, 2011, the penalty structure changed to double the current amounts.

TIN Compliance & Penalty Abatement are Covered at our Annual Conference

IRS Compliance will review your on-boarding policies and procedures, payee certifications, withholding deposit history, filing information returns to build your reasonable cause defense to abate the penalty. Additionally, if your company has paid penalties related to prior year’s penalties – we can review the related information and file to abate those penalties to attempt a refund on penalties paid.

Errors in processing that are identified during the abatement review process can also be cured if viable to reduce exposure.

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