A Complete Guide About IRS Penalty Abatement
Everyone finds tax season challenging, but those who owe taxes are more so. You could pay fines or interest when you file and pay your taxes. The IRS indicates with these fines that you have either made an error on your taxes or have not paid the total amount. For those who qualify, the IRS thankfully provides a first-time relief. Your tax bill may be reduced, or the IRS may waive your penalties if you satisfy specific conditions or circumstances. IRS penalty abatement is not automatically given to taxpayers by the IRS. IRS waives Relatively few tax fines; current data indicate that only around 11% of tax penalties are. Furthermore, the IRS awards abatements based on equity; the taxpayer's capacity to pay the tax, penalty, or interest owed is not considered. Eligibility for the IRS Penalty Abatement For a single tax period, this penalty abatement eliminates specific penalties. But you need a track record of tax compliance to be qualified. The IRS penalty abatement considers you com...