Responding to a 972CG Penalty Notice

August 1, 2016

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If you filed an information return late, with the wrong TIN or none at all, you might receive a 972CG Penalty notice from the Internal Revenue Service. Recipients of a penalty notice have 45 days to respond and either pay the penalty or write an explanation as to why the penalty should be abated. It is possible to get penalties abated, if you can show reasonable cause. Reason for Notice Internal Revenue Code section 6721 charges a $260 penalty for information returns with any of the…

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