Tom can you help with filing an amended 941X for when a owner officer of a corporation took the erc credit in 2020 and now needs to amend and pay it back. Geri
Hey Tom. Is there any relief from late filing of 1120S (penalties to shareholders @$205/mo for 12 months)? A tax professional/CPA died from Covid and many of his clients 2020 returns were never filed. When the clients were alerted by IRS or myself for non-filing, they compiled their information as fast as possible. Would there just be a letter pleading for mercy due to Covid-19 issues attached to a copy of the penalty letter? Thanx in advance, Chrissy Gorman
This is great! Any idea if they'll automatically reinstate FTA in the cases where the penalty was already abated that way?
Good question; no idea what the IRS will do in this case.
Tom can you help with filing an amended 941X for when a owner officer of a corporation took the erc credit in 2020 and now needs to amend and pay it back. Geri
Simply amend the 941X to reverse the credit - not sure how much more I can help.
Hey Tom. Is there any relief from late filing of 1120S (penalties to shareholders @$205/mo for 12 months)? A tax professional/CPA died from Covid and many of his clients 2020 returns were never filed. When the clients were alerted by IRS or myself for non-filing, they compiled their information as fast as possible. Would there just be a letter pleading for mercy due to Covid-19 issues attached to a copy of the penalty letter? Thanx in advance, Chrissy Gorman
Yes - please see above for Form 1120S relief.
oops! I only saw the first line of the 665a(a)1. :-))
yikes. I can't type.