With our help first-time penalty abatement (FTA) is possible and is the process by which the IRS agrees to remove penalties from your tax debt. That includes penalties for failure to file, failure to pay, and failure to deposit. The IRS may also eliminate interest related to those penalties.
Tax debt collects penalties and interest much faster than most people realize. If your debt is a few years old, you may see your liability growing at a faster rate than you can pay. We can help reduce or eliminate these penalties if you are eligible for a penalty abatement.
Taxpayers can request relief from penalties. For the failure to file or pay a fine, taxpayers can ask the IRS to "abate" the penalties. Abatement is just getting rid of the penalties after they are assessed to the taxpayer. Failure to File (FTF) and Failure to Pay (FTP) fines usually require abatement due to the fact that the IRS analyzes these penalties in an electronic format (using its computer systems) when a return is submitted, or a transaction is made on a balance due account.
Other fines typically require different methods to request relief. For instance, the estimated tax penalty is generally not "abatable" by the taxpayers. Rather, taxpayers can ask for an exemption from the penalty when filing their tax return (individuals use Form 2210).
Other penalties are suggested during IRS audits and evaluations. These consist of accuracy or fraud penalties, and generally require the taxpayer to deal with IRS auditors or appeals officers before the assessment of the penalty. Taxpayers can request abatement of return accuracy penalties after they are analyzed, however the abatement process could require using unique IRS methods or taking the IRS to court. This can take years to settle.
You could get approved for relief from fines if you made an effort to abide by the demands of the law, yet were unable to satisfy your tax responsibilities because of circumstances beyond your control.
If you received a notification, make sure to check that the information in your notification is accurate. If you can fix a problem in your notice, a penalty might not be applicable.
Penalties qualified for fine relief include:
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