|
940 penalties - any experience / advice
Hello, I've got a 940 penalty problem.
In 1997 we had gone thru a BK and had a recycling business. We lost an important lease on a machine because the leasee sold it without telling us. The buyer said we kept it too long and got a judgment against us. They raided the business bank account and left me with very little.
As a result I was late in paying some of my 940 withholdings. I was a month late but I paid all the withheld taxes - and my part,too.
However, I did not pay the penalty when assessed because I didn't have the money then and I have ignored it for years - not having the money for "frivolous" tax penalties.
Finally they sent a CP 504 and the assessment is now over $1000. They want to levy.
Any strategies to get out of penalties? Remember - I paid all the taxes due. This is just penalty assessment.
Thanks for your help.
Susie
|
