IRS Penalties

File and owe? Here’s what you need to do to lower IRS late payment penalties

2020-10-25T16:34:22-04:00

Finding out you owe and are not able to pay your taxes is painful.  But having to pay penalties and interest on top of the balance adds insult to injury.   Each year, over 30 million taxpayers file a tax return with a balance owed.  Most pay with the return.  In fact, in 2019, only [...]

File and owe? Here’s what you need to do to lower IRS late payment penalties2020-10-25T16:34:22-04:00

Do’s and Don’ts when requesting IRS penalty abatement for failure to file or pay penalties

2020-12-30T00:47:12-05:00

Taxpayers hate paying IRS penalties.   Unfortunately, most taxpayers who are assessed an IRS penalty do not request relief or are denied relief because they do not follow some basic do’s and don’ts.  In some cases, requesting post-filing relief or “abatement” of penalties is not practical.  However, for two of the most common IRS penalties, [...]

Do’s and Don’ts when requesting IRS penalty abatement for failure to file or pay penalties2020-12-30T00:47:12-05:00

What’s going on with your IRS case? Resolve uncertainty by monitoring the status of your IRS case.

2020-01-13T17:26:09-05:00

For taxpayers and tax professionals who are trying to resolve tax problems/issues, these days are trying times.  The IRS is extremely backlogged in processing and resolving most post-filing issues.  IRS resources provide little help in understanding what is going on with your case at the IRS.  IRS transcripts that are available to taxpayers and their [...]

What’s going on with your IRS case? Resolve uncertainty by monitoring the status of your IRS case.2020-01-13T17:26:09-05:00

Denied IRS penalty abatement? You’re not alone – here’s what to do.

2019-12-02T23:36:52-05:00

In 2018, the IRS assessed over 20 million failure to file (FTF) and failure to pay (FTP) penalties to individuals.  The FTF and FTP penalty make up almost 2/3rds of all penalties assessed and they are the frequent subject of the most penalty abatement requests.  IRS Penalties Assessed on Individual Taxpayers: 2018 The problem: abatement [...]

Denied IRS penalty abatement? You’re not alone – here’s what to do.2019-12-02T23:36:52-05:00

IRS to automatically refund 400,000 taxpayers for estimated tax penalty overpayment

2019-08-15T16:04:37-04:00

2019 has been a challenging tax year for the IRS.   One of the biggest challenges for taxpayers has been the amount to withhold from their paychecks so that they do not owe or are subject to penalties this year. The fact is that many more owed on 4/15 than in prior years (about 1.2 million [...]

IRS to automatically refund 400,000 taxpayers for estimated tax penalty overpayment2019-08-15T16:04:37-04:00

How long does it take for IRS Penalty Abatement?

2020-11-13T22:42:43-05:00

IRS penalty abatement can be done in as little as a phone call to the IRS - or it can take months. even years in certain cases.  It all depends on the type of penalty and the type of relief that you are requesting. Start with using the right procedure Penalty abatement can take quite [...]

How long does it take for IRS Penalty Abatement?2020-11-13T22:42:43-05:00

IRS Appeals – how long does it take?

2019-06-16T17:27:52-04:00

If a taxpayer has a dispute, they can go to the IRS Office of Appeals to get an independent review of their case.  IRS Appeals is available for almost any IRS dispute.  In 2018, IRS data shows that 94,832 taxpayers used IRS appeals to get a second opinion at the IRS.  87% of all IRS [...]

IRS Appeals – how long does it take?2019-06-16T17:27:52-04:00

Five Reasons the IRS Abates Penalties

2021-01-18T21:41:30-05:00

The IRS assesses about 39 million penalties each year- and only 11% are abated.  Why?  Because many do not request or know how to request abatement. For most penalties (late filing, late payment, and return error), the basic five reasons the IRS abates penalties can be summarized below: Abatement reason Explanation Examples IRS error Rely [...]

Five Reasons the IRS Abates Penalties2021-01-18T21:41:30-05:00

IRS Penalties and Returns that qualify for first-time penalty abatement

2021-01-18T22:10:25-05:00

Here is a question I get all the time:  "What IRS tax returns qualify for first-time penalty abatement relief?" First some background:  For certain failure to file and failure to pay penalties and the failure to deposit penalty (employment tax), the IRS accepts a "first-time penalty abatement" defense (see the Internal Revenue Manual Section 20.1.1.3.3.2.1, [...]

IRS Penalties and Returns that qualify for first-time penalty abatement2021-01-18T22:10:25-05:00

Top 6 Tax Problems Faced by Taxpayers

2021-01-18T22:51:07-05:00

IRS statistics are pretty reliable.  When it comes to tax problems, it is difficult to pull out what are the most common problems taxpayers face with the IRS. Each year the IRS publishes its Data Book, which gives some insight into taxpayer issues.  You have to read other reports about the IRS from various sources [...]

Top 6 Tax Problems Faced by Taxpayers2021-01-18T22:51:07-05:00
Go to Top