Tag Archives: IRS penalty relief

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 […]

You’re Too Sick to Work But Owe the IRS a Lot of Money: What Are Your Options?

From sick days to SSDI, many Americans miss out on much-needed income due to severe medical conditions. This can impart significant financial stress, particularly for those already dealing with tax debt. Thankfully, the IRS offers options such as penalty relief and installment plan adjustments to help taxpayers focus on recovery. Adjusting Your Installment Plan The […]

Examples of “Reasonable Cause” the IRS Accepts to Grant Penalty Relief

Even the most responsible people can occasionally get into trouble come tax season. Thankfully, the IRS recognizes this, and more importantly, provides options for relief in select circumstances. Not sure if you qualify? Keep reading for insight into how the IRS establishes reasonable cause — and common examples of situations in which penalty relief may […]