Form 5500 late filing penalty
Someone just received a notice for late filing of form 5500 with a ridiculously large penalty. The 5500 was filed, but late, I think by a year. So it’s probably too late for the irs program that allows taxpayers to come clean. Before I contact the IRS, I just thought I would check to see if anyone has suggestions or experience with requesting a waiver or significant reduction of this penalty. Not sure if it makes sense just doing a letter requesting it, or if I call. And if I call, just use the tax practitioner number?
I don’t provide this service for clients so not used to dealing with this. I basically stick to a 1040s.