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If you’d rather request abatement by mail, or if you've already paid a penalty and now realize you might be able to get your money back, you’ll want to file IRS Form 843.
You can request the IRS’s first-time penalty abatement in two ways: by phone or by mail. To call the IRS, use the toll-free phone number provided on your notice or letter. You won’t need any ...
It's not well publicized, but the IRS does have a First Time Penalty Abatement (FTA) Policy. The FTA only applies for a single tax year and can be requested for late payment or late filing of taxes.
Tax refunds and penalty abatement are only available for the late filing penalty, which is 5% of the tax due for each month (or part of a month) your return is late, up to a maximum penalty of 25%.
Unfortunately, the AICPA is now hearing from members that clients for whom they sought “COVID-19” relief shortly after Sept. 15 are now receiving late-filing notices. The AICPA is in discussions with ...
If you miss this week’s tax filing deadline, you might be feeling anxious about getting hit with late-filing penalties by the IRS. However, if you don’t have a recent history of filing your ...
Generally, the IRS charges a failure-to-file penalty on tax returns filed after the due date or the extended due date unless there’s a reasonable cause for late filing. This year, the deadline ...
One of the best ways to request a first-time abatement for an IRS penalty assessment is by filing Form 843. You can also request penalty relief by calling the IRS or by making a formal, written ...
Failure-to-pay penalty. If you owe money and file your return late, the IRS will charge a combined penalty of 5% of the unpaid tax for each month or part of the month that the balance remains unpaid.
Over the same period, the IRS abated Sec. 6039F penalties totaling over $179 million related to Form 3520, Part IV, for an abatement rate of 67% of the penalties assessed and 78% of the dollars ...
If the IRS has assessed a tax penalty on your account for the first time, don’t panic. You may qualify for a relief measure known as a first-time penalty abatement.