Penalty Abatement - IRS Interest Abatement

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 4, 2012 -- IRS won't fine school district for late payment

The Iowa City Community School District will get back the $25,000 fine it had to pay to the IRS for a late payment, the district announced in a news release this morning.
"The Iowa City Community School District has learned that the IRS has determined to abate the $25,000 penalty that was assessed earlier this year to the District," the statement read. "No monetary penalty is owed by the District and no further action is necessary on the part of the District."

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Penalty Abatement - IRS Interest Abatement

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The district actually paid the fine in July, but the IRS has returned it. The late payment came about when the district was 24 hours late in sending in a check for payroll taxes.
District Executive director for Administrative Services Paul Bobek took the blame for the late payment, saying it was an oversight.

A penalty abatement is when a taxpayer repays their unpaid tax bill and the accompanying interest or tax penalty is abated. Learn how to request an IRS penalty abatement.
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