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Hi All,
I got a penalty because I didn't file the 1065 form on time this year (two weeks late). My company is eligible for small partnership penalty relief, thus I have sent a letter to IRS on 5/5 to request abatement. However, the mail has not arrived IRS yet and the due date of the penalty is on 5/23.
My question is, should I pay the penalty before the deadline or I can wait for IRS response?
Thank you,
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Paying a penalty that will be abated causes more bookwork for the government, so I would not send a payment now. You will receive an abatement letter back from the IRS. In normal times it would take about 4 to 6 weeks to receive a response. With the current state of affairs within the IRS it could take a bit longer.
Please post a reply here when this is resolved.
