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- FORM 2220 FOR 1120
FORM 2220 FOR 1120
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Greta
Level 9
yesterday
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Corporation owes $500 in taxes; underpayment penalty is $20. Seems high. Last year their tax was zero. Is there a way to negate the $20 penalty?
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abctax55
Level 15
yesterday
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Zero tax prior year means you can't rely on that safe harbor.
You 'might' be able to ask for "1st time abatement" (I'm not even sure an underpayment penalty qualifies).
BUT... using that one-time-get-out-of-jail card for just $ 20 isn't wise. And asking for it would easily eat up $ 20 of time spent. IMHO anyway.
HumanKind... Be Both
