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IRS Issues Interim Guidance on Abatement of Failure to Deposit Penalty For 'Unbanked' Business Taxpayers

The IRS has issued a memorandum (#SBSE-04-0615-0045) providing interim guidance on abatement of the failure to deposit penalty under Internal Revenue Code (IRC) § 6656. The guidance applies to businesses that are unable to get a bank account (the unbanked) or make other arrangements for making federal tax deposits of corporate income, employment (Social Security and Medicare) and excise taxes using the Electronic Federal Tax Payment System (EFTPS), as required by IRC rules.
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