Praxiis Foundation

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THE TAXPAYER IS REQUESTING AN ABATEMENT OF THE 6652(C)(1) PENALTY. THE TAXPAYER HAD ASKED THEIR ACCOUNTANT TO PREPARE AND FILE AN EXTENSION FOR THE ORGANIZATION. THE ACCOUNTANT OVER-LOOKED THE FILING AND FAILED TO TIMELY SUBMIT THE REQUIRED EXTENSION. THE TAXPAYER HAD RELIED IN GOOD FAITH ON THEIR OUTSIDE PROFESSIONAL AND WAS NOT AWARE THAT THE EXTENSION WAS NOT FILED UNTIL THEY RECEIVED A NOTICE FROM THE IRS MORE THAN 4 MONTHS LATER. ONCE THEY NOTICE WAS RECEIVED, THE TAXPAYER QUESTIONED THEIR ACCOUNTANT AND WHEN IT WAS DETERMINED THAT THE EXTENSION HAD NOT BEEN FILED, THE TAXPAYER IMMEDIATELY SUBMITTED THE REQUIRED TAX INFORMATION TO THE ACCOUNTANT AND HAD THE RETURN PREPARED. THE ACCOUNTANT IS NOW USING A BETTER PRACTICE MANAGEMENT SOFTWARE TO TRACK THE DUE DATES AND THE TAXPAYER IS ADDING THE DUE DATES TO THEIR CALANDAR GOING FORWARD SO THAT THE FILING DEADLINE WILL NOT BE MISSED AGAIN. WE BELIEVE THAT THE TAXPAYER HAS REASONABLE CAUSE FOR ABATEMENT OF THE 6652 (C) (1) PENALTY BECAUSE THEY HAD ORIGINALLY RELIED IN GOOD FAITH ON THEIR OUTSIDE PROFESSIONALS, TOOK IMMEDIATE ACTION TO CORRECT THE PROBLEM UPON LEARNING OF IT, AND FOR AT LEAST THE LAST THREE YEARS THEY HAVE FILED ALL OF THEIR EXTENSIONS AND TAX RETURNS ON TIME.

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Based on 18 grants on record

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Grants Awarded (18 total)