IRS Penalty Abatement

If you’re searching for Google for “IRS Penalty Abatement,” we’re honored to help you navigate this complex process and potentially obtain your own abatement. Let’s dive into the details you need to know about receiving a first-time abatement and other relevant information:

What is IRS Penalty Abatement?

IRS Penalty Abatement is a program that allows taxpayers to request the removal of certain penalties from their tax account. This can significantly reduce your tax debt and help you regain financial stability.

First-Time Penalty Abatement (FTA)

The First-Time Penalty Abatement is a valuable option for taxpayers who have a clean compliance history. Here’s what you need to know:

Eligibility: You must have filed all required returns or filed an extension, and have no penalties for the three tax years prior to the year you received a penalty.
Applicable Penalties: FTA typically applies to failure-to-file, failure-to-pay, and failure-to-deposit penalties.
One-Time Opportunity: As the name suggests, this is generally a one-time consideration for a single tax period.

How to Request First-Time Penalty Abatement

Ensure you meet the eligibility criteria.
Contact the IRS via phone or submit a written request.
Provide a clear explanation of why you’re requesting the abatement.
Be prepared to provide supporting documentation if requested.

Other Types of Penalty Abatement

If you don’t qualify for FTA, you may still be eligible for other types of penalty abatement:

Reasonable Cause: If you can demonstrate that you made a good faith effort to comply with tax laws but were unable to do so due to circumstances beyond your control.
Statutory Exception: In some cases, specific laws may provide exceptions to certain penalties.
Administrative Waiver: The IRS may provide administrative relief from penalties under certain circumstances.

Remember, navigating IRS penalty abatement can be complex. At Bernice Hassan and Associates, we specialize in helping individuals like you resolve tax issues and negotiate with the IRS. Our team can guide you through the process, ensuring you have the best chance of success in reducing or eliminating your tax penalties.

Don’t let tax penalties overwhelm you. Take the first step towards resolving your tax issues today. Click here to schedule a consultation with our team of experts.