| Identifier | Return Reference | Explanation |
|---|---|---|
| LATER FILING PENALTY WAIVER REQUEST | FORM 2220 | THE TAXPAER FILED FORM 1023 FOR TAX EXEMPT STATUS AND RECEIVED IT'S IRS DETERMINATION LETTER ON JUNE 13, 2018. THE ORGANIZATION HAD NO ACTIVITY FOR THE 2017 AND 2018 TAX YEAR. THERE WAS CONFUSION ON THE TAX EXEMPT STATUS REQUEST ON THE INITIAL FORM 1023 AND TAX FILING REQUIREMENTS. THE TAXPAYER HAD TO OBTAIN ADDITIONAL PROFESSIONAL ASSISTANCE DELAYING THE PROCESS. THE TAXPAYER WAS INITIALLY NOT MADE AWARE THAT A RETURN WAS REQUIRED IN THE CASE OF NO ACTIVITY DURING A TAX YEAR. ONCE THE START UP OPERATIONS BEGAN IN THE 2019 TAX YEAR AND ADDITIONAL PROFESSIONAL ASSISTANCE HAD BEEN OBTAINED FOR PROPER TAX FILINGS, THE TAXPAYER TOOK IMMEDIATE STEPS TO CORRECT ALL FILINGS INCLUDING FILING A TIMELY 2019 RETURN AND ALSO THE FILING OF THE INITIAL 2017 AND THE 2018 NO ACTIVTY RETURNS. THE TAXPAYER RESPECTFULLY REQUEST THAT ANY LATE FILING PENALTIES BE ABATED UNDER THE REASONABLE CAUSE PROVISIONS FOR THE 2018 TAX YEAR. PROCEDURES ARE NOW IN PLACE TO ENSURE TIMELY FILING OF ALL FUTURE YEAR RETURNS. |
| Description | Beginning of Year - Book Value | End of Year - Book Value |
|---|---|---|
| ADVANCES | 100 | 100 |