acceptable reasons for late payments

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Form 990: Late filing penalty abatement. The IRS also examines the taxpayer’s compliance history for the three preceding tax years for payment patterns and overall compliance and looks at the length of time between the event cited as a reason for the noncompliance and subsequent compliance.

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Reasonable Cause for Penalty Abatement. The irs takes penalty abatement requests on a case by case basis. If you are not applying for first-time penalty abatement, you will generally good reason(s) why you paid or filed late.The most common reason for penalty abatement is reasonable cause.

An apology letter for late payment is written to express regret for making a late payment. This is part of business etiquette that helps to maintain good business relationship despite the mistake of failing to pay on time. The person you were supposed to pay will definitely be upset when you do not do it [.]

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Paying a credit card bill late can be costly. According to our survey, over 1 in 5 U.S. adults (21%) have made a delinquent credit card payment.

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One can find samples of late payment explanation letters at myFico, CreditInfoCenter, FriscoMortgageGuy and many other finance sites. Also referred to as an LOX or LOE (letter of explanation), late payment letters can be sent to creditors explaining why a payment is late.