Do you have problems with the IRS? Do you owe the IRS tax penalties? If so this may be the blog post for you!
When someone owes the IRS money and has accrued penalties with the IRS there is administrative relief available. One form of IRS tax penalty relief comes from the IRS first time penalty abatement policy.
“You may qualify for administrative relief from penalties for failing to file a tax return, pay on time, and/or to deposit taxes when due under the Service's First Time Penalty Abatement policy if the following are true:
You didn’t previously have to file a return or you have no penalties for the 3 tax years prior to the tax year in which you received a penalty.
You filed all currently required returns or filed an extension of time to file.
You have paid, or arranged to pay, any tax due.”
The IRS first time penalty abatement can be done via phone when the dollar value of the penalty is not large. Other times you might need to send in a form to the IRS requesting your first time penalty abatement of the IRS penalty. In some cases it might be better to just call the IRS a second time and speak to someone else before sending a letter.
There is a timeframe for requesting an IRS first time penalty abatement. You can learn more about the timeframe for an IRS first time penalty abatement here.
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Disclaimer: Victory Asset Recovery, LLC is not a law firm or a CPA firm. Richard Bogolub is not a lawyer or a CPA and this blog post is not legal advice or tax advice. For legal advice or tax advice you should consult a lawyer or a CPA.
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