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FIRST ON 3: IRS hits Navassa with $35k penalty

NAVASSA, NC (WWAY) — The IRS has issued a nearly $35,000 fine to the Town of Navassa. When reached by phone this morning, Mayor Eulis Willis said the council has not yet talked about the penalty, but it does have the town’s lawyer working on it.

In a letter dated January 2, the IRS says the $34,964.62 penalty is for “Failure to File Forms W-2.” The W-2 is the form employers give workers as a record of their wages and withholdings.

“A penalty has been charged for each Form W-2 that was not filed as required by section 6051 of the Internal Revenue Code,” the letter says. “Our records indicate that both the Social Security Administration and the Internal Revenue Service have been in contact with you to attempt to secure these Forms W-2.

“The penalty for intentional disrgard of the filing requirements is the greater of $100 per required return or 10 percent of the aggregate amount of the items required to be reported.”

The IRS letter says the town had until yesterday to submit unfiled W-2 forms to the IRS to cut down the penalty. The town also has until January 23 to let explain to the IRS what happened and ask for the penalty to be removed or reduced.

Mayor Willis said because the council has not yet had the chance to discuss it, he did not feel comfortable speaking publicly about the IRS fine. He did say the county uses a contract auditor, and that in addition to its lawyer, the town’s financial team would be looking at the problem.

More: continued here

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