Tag Archives: IRS Penalty Abatement

Getting an IRS Penalty Waiver: What You Need to Know

In an effort to address the unprecedented burden of COVID and its financial fallout, the American Institute of Certified Public Accountants (AICPA) is advocating for the creation of a new tax penalty waiver. IRS Commissioner Charles Rettig may be skeptical of blanket penalty relief, but a few viable options are available for select individuals and […]

Biggest IRS Penalty Abatement Mistakes

You like to think of yourself as a responsible taxpayer, but somehow, you found yourself in hot water with the IRS. Thankfully, it may be possible to clean the slate and get a fresh start. The IRS penalty abatement program grants you a one-time get-out-of-jail-free card. IRS penalty abatement grants you forgiveness as a reward […]

Why You (Generally) Should Fight Your IRS Penalties

How did you first respond when you learned you had been targeted by the IRS? If you’re like many Americans, you immediately assumed that you would eventually need to pay up. This widespread belief perhaps explains a concerning 2012 Treasury Inspector General for Tax Administration report indicating that just eight percent of taxpayers have requested and […]

All You Need to Know About the IRS First-Time Penalty Abatement FTA Waiver

As a responsible taxpayer, you make every effort to file your return on time and pay any taxes owed. On occasion, however, life gets in the way. It’s only natural to fear the worst, but you might be able to avoid harsh penalties from the IRS. The first-time penalty abatement (FTA) waiver could be your […]

Will the IRS Automate Penalty Abatement?

Every year, millions of Americans fail to file or pay their taxes on time. These individuals face harsh repercussions, but those with a history of compliance sometimes qualify for penalty abatement. The process for securing abatement is notoriously confusing, but a solution may be just around the corner: an automated system. The Potential For an […]

Everything You Need to Know About the IRS First-Time Penalty Abatement Waiver

You didn’t file or pay your taxes on time, and now you’re panicking. Late taxes can prompt harsh penalties from the IRS — but it might not be so bad if you typically pay on time. The IRS offers a penalty abatement waiver to select taxpayers; read on to learn more: What Is the First-Time […]

First Time Penalty Abatement Accepted Saving Client $35,000!

Our client came to us this summer with a hefty tax liability, (over $125,000) along with IRS penalty and interest charges, stemming from a broken relationship. She mentioned her now estranged husband managed to cash in most of their joint retirement accounts, not pay the tax, and then proceed to file separately from her. Thus […]

IRS Penalty Abatement Saves Over $40,000!!

We had a client who came to us this past month with an IRS tax liability for 1 tax year. She owes over $150,000 for 2014, form 1040.  When she sat down in my office, her presence weighed heavy upon me. She claimed the tax debt stemmed from her ex-husband, who cashed in several IRA […]

5 Tips on Filing an IRS Penalty Abatement Request

We receive quite a few calls from prospective clients inquiring about the receiving a reduction or a IRS penalty abatement in relation to penalties accrued. Most individuals and businesses alike do not qualify for a settlement program or a IRS penalty abatement. In fact, most clients we obtain we set up an affordable payment plan […]