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thereamp;#39;s a first-time late filing penalty abatement that is a huge deal for s-corporation clients the first time they file late itamp;#39;s really easy to get the abatement too you can just contact the irs you need to have a 2848 or if youamp;#39;re not an ea or cpa you can have the client there with you to clear and say the right things but you request a first time penalty abatement first time itamp;#39;s late you get that penalty wiped off and taken out immediately