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March 25, 2013 by Mark DeVine

Late-payment Penalty Relief

Last week, the IRS announced that it will waive the penalty normally assessed for late payment of income tax.  The penalty will be waived for taxpayers who have requested an extension of time to file their return and who are filing one of the 31 forms that were delayed until March because of the last-minute tax law changes in the American Taxpayer Relief Act of 2012, P.L. 112-240.  However, with this waiver, the IRS warns that the taxpayers may receive an automatic assessment notice and demand for payment.

The IRS believes the late issuance of those 31 forms may prevent some taxpayers from being able to timely estimate and pay their 2012 tax liability when requesting an extension to file.  The IRS, under the relief, will assume the taxpayer has demonstrated reasonable cause and lack of willful neglect if he or she makes a good-faith effort to properly estimate the tax liability on the extension application, the estimated amount is paid by the original due date of the return, and any tax owed on the return is fully paid no later than the return’s extended due date. 

Because the IRS automatically assesses the Sec. 6651(a)(2) late-payment penalty, relief under this notice is obtained by responding to the penalty assessment notice in a letter, explaining the taxpayer’s eligibility for the relief, identifying which of the forms eligible for relief were included with the taxpayer’s return, and referring to Notice 2013-24 in the letter.

To discover how we can help you, please give us a call at 401-254-0151.  We look forward to hearing form you.

Filed Under: Tax Preparation, Taxes

About Mark DeVine

I have been in the tax and accounting profession since 1989. Before founding my own firm, I worked with the international accounting firm of KPMG, the Fleet Private Clients Group, and Bank of New England. I am also a member of the American Institute of Certified Public Accountants and the RI Society of CPAs.To discover how we can help you with taxes, payroll, bookkeeping and more, give me a call at 401.254.0151, or click the link to schedule your free 30 minute consultation today.

Contact Us

DeVine & Associates, LLC
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.289.2418

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Contact DeVine & Associates

Mark G. DeVine, CPA, CGMA
386 Market Street, Unit #3
Warren, RI 02885-1627
Tel: 401.254.0151
Fax: 401.254.0152

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