Michigan new LLC business

[Clmason9]

I established my LLC sole proprietor business in February and I had no idea I was supposed to pay taxes throughout the year. Will I be able to file taxes? Can I have underpayment waived?

[Rick19744]

A few thoughts / comments:

• Yes, you will still be able to file your 2022 income taxes
• There may be two components to any underpayment; interest and penalty
• You won't get any relief from the interest component, but you may be able to ask for an abatement of the penalty portion.

[Clmason9]

Thank You this is very helpful. Do you know what steps I would take to request an abatement?  

[Mike9241]

we don't know your 2021/2022 tax situations so it's possible there would be no penalties, to begin with, if

you had no tax liability in 2021 or your total tax for 2022 is less than $1,000.

to request waiver you check box A (full waiver) or B (partial waiver) on form 2210

 Attach Form 2210 and a statement to your return explaining the reasons you were unable to meet the estimated tax requirements and the time period for which you are requesting a waiver. The IRS will review the information you provide and decide whether to grant your request for a waiver.

[Clmason9]

Will do. Thank You for your help