Failure To File
What transaction code(s) would indicate a FTF penalty has been assessed?
What is TC 166, TC 160
What transaction code(s) would indicate a failure to pay penalty was assessed?
What is TC 276 and TC 270
What transaction code(s) would indicate an estimated tax penalty has been assessed?
What is TC 170 and TC 176
What transaction code(s) would indicate that a bank did not honor a payment?
What is TC 286, and TC 280
What does RCA stand for?
What is Reasonable Cause Assistant
What Form is filed to receive an extension?
What is Form 4868
What is the basic penalty rate?
What is 1/2 percent.
What transaction code(s) indicate that a manual abatement of an estimated tax penalty was done?
What is TC 171
What is IRC 6662
What is Imposition of Accuracy-Related Penalty on Underpayments
What cannot be abated through RCA?
What is interest
What does Form 4868 do?
What is extend the filing date to Oct 15th and avoid a FTF until that date.
What is the maximum FTP penalty rate?
What is 1 percent.
What does TC 171 indicate?
What is a Manual abatement of an estimated tax penalty by IRS
Taxpayers are subject to a penalty of ____ percent on understatements from a properly disclosed transaction
What is 20%
Which conclusion is used by RCA to deny the penalty abatement request when reasonable cause is not established?
What is Sustain
What is the maximum FTF penalty?
what is 25%
When is FTP assessed?
What is the total tax shown on the return was not paid by the due date
Requests for a waiver of the estimated tax penalty under IRC 6654(e)(3)(A) must be __________.
What is submitted in writing and approved by a manager or delegated designee.
Under IRC 6723, the penalty for failing to furnish a required Tax Identification Number is____
what is $50.00
When trouble shooting RCA, to delete incorrect or incomplete inputs, which CC would you use to fix the issue?
What is CC TERUP
What is IRC 6651(a)(1)?
What is Failure to file any return required to be filed to report any tax.
IRC ______ provides for a penalty if the tax shown on any return is not paid by the due date for payment, unless the failure to pay is due to reasonable cause and not due to willful neglect.
What is 6651(a)(2)
What correspondence does the IRS send to the taxpayer when an estimated tax penalty abatement/waiver has been denied?
What is 854C letter
A penalty is imposed equal to ______
percent of the portion of the underpayment due to fraud.
what is 75%
Which letter is issued to inform the taxpayer that the penalty has been removed based on the RCA determination?
What is 3503C