2023 Form 1041 was inadvertently not e-filed, however the tax due was paid. I can mail the return now, March 4, 2025 1. Should i expect a late filing penalty for this one-time mishap? 2. Should I include a letter to IRS with the return asking for abatement of penalty?
If the 2023 Form 1041 was not filed by the due date, which is typically April 15, 2024 (or October 15, 2024, if an extension was filed), you may indeed face a late filing penalty. The IRS imposes a penalty for failing to file a return on time, even if the tax due was paid. This penalty is generally 5% of the unpaid tax for each month or part of a month that the return is late, up to a maximum of 25%. 1. **Expecting a Late Filing Penalty:** Since the return is being filed significantly late (March 4, 2025), it is likely that the IRS will assess a late filing penalty. However, since the tax was paid, the penalty would be based on any unpaid tax, which in this case should be zero. Therefore, the penalty might be minimal or not applicable if there was no unpaid tax. 2. **Including a Letter for Penalty Abatement:** It is a good idea to include a letter with your mailed return requesting an abatement of the penalty. You can request a penalty abatement based on reasonable cause or the IRS's First-Time Penalty Abatement (FTA) policy. The FTA is available if you have a clean compliance history for the past three years and have filed all required returns. In your letter, explain the circumstances that led to the late filing and highlight your history of compliance, if applicable. Make sure
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