First time penalty abatement

20 Oct

First time penalty abatement

There are several ways to accrue penalties with the IRS such as failing to pay your tax bill on time, filing your taxes late or not filing at all to name a few. The IRS will agree to abate certain penalties through the First Time Penalty Abatement waiver which can be applied for a single tax period. Many taxpayers are not aware that they may qualify for this abatement and it is helpful to speak to an experienced CPA firm to determine if having them negotiate an abatement will likely be successful for your particular circumstance.

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