Pennsylvania BFR Grants Penalty Abatement for Taxpayer LLC

The Pennsylvania Board of Finance and Revenue (BFR) ordered the abatement of penalties for the taxpayer for the 2021 tax period. The taxpayer, a Pennsylvania S-Corporation, filed an amended return in 2022 to reflect income from an investment after initially filing a return reporting no income. The Department of Revenue assessed a late payment penalty and interest, which the taxpayer appealed, arguing it acted in good faith and with due diligence in filing its return. The Board found that the taxpayer established it acted in good faith, without negligence, and without intent to defraud the Board. Therefore, the Board granted ...