My tax consultant missed out filing my US tax return on time.?
Hey there folks,
My tax consultant missed out filing my US tax return on time. . He prepared the tax return by 15-apr-09 and he sent a copy to us as well, but he forgot to electronically file. This we came to know after few weeks when I noticed that IRS has not deducted money from my bank account so far when as per my tax return I owe money to IRS.
What can we do now? Will there be very high penalty imposed by irs? Any suggestions how to avoid the penalty if any?
MisterZero2009-07-18T11:22:28Z
Favorite Answer
One of the biggest "safe harbors" for getting out from under IRS penalties is that you "relied on the advice of a tax professional". When a return is filed electronically - and accepted by the IRS - it generates a Form 9325 to the transmitting computer. We are required to keep these forms on file for three years, so your pro should be able to produce the form fairly easily. It will show the date the return was transmitted as well as the date it was accepted.
You could show the 9325 to the IRS to establish that the return was filed by your tax pro LATE and you should be relieved of any Failure To File penalty. Click on the first link below to pull up an Adobe copy of the Form 9325 so you can become familiar with it.
G'Luck...
Mike Womack, Sr. Partner Zero Degrees Tax LLP Moore, OK Lawton, OK
At 60 days, the penalty for failure to file is $135 or your tax bill, whichever is less. (If you owe big bucks, it's 5% per month.) You can ask if this can be waived.