YOU have one shot in asking the IRS to abate (forgive) penalties that have been assessed for late filing, late payment, or audit adjustments. Make this opportunity count. Submit a compelling letter supported with convincing evidence as to why the IRS should abate your penalties.
Here’s a list of records to submit to IRS:
• Power Of Attorney (POA) for your tax representative.
• Copy of original notice sent by the IRS.
• Copy of tax bills in question.
• Bank statements to prove income collected or expenses paid.
• Hospital records or letters from doctors to prove your illness.
• Photographic evidence of a car accident that incapacitated you during the period in question.
• Insurance claims for personal property or real estate claims damaged by disasters.
• Newspaper articles of a hurricane that destroyed your office where records are kept.
• News items about a rainstorm that flooded your basement where records are stored.
• Other documents to support your claims as to why IRS should forgive your penalties.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation in Pasadena, California.
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He has 50 years of experience in defending taxpayers audited by the IRS, FTB, EDD, BOE and other governmental agencies. He is publishing a book on his expertise – “HOW TO AVOID OR SURVIVE IRS AUDITS.” Our readers may inquire about the book or email tax questions at [email protected].
