Home > Tag Archives: tax penalties

Tag Archives: tax penalties

First Time Abatement: A Helping Hand When Dealing with the IRS

forgiveness for tax penalties

Tax day has come and gone, but for many, the stress and uncertainty still remains. While taxes are stressful for everyone, they can be especially stressful for anyone dealing with penalties resulting from self-reporting errors. If this is your first time facing a penalty from the IRS, you may be eligible for a first time abatement, which could significantly decrease the amount you have to pay in penalties. What is a First Time Abatement? A first time abatement, or FTA, is a clause that allows first time offenders to file to have their penalties waived if they are able to prove their claim that extenuating circumstances made it difficult or impossible to pay their full owed amount on time. You may qualify for an FTA if this is your first time facing a penalty with the IRS for failing to file, failing to pay, or failing to deposit payroll taxes.  You may also qualify if you can prove that you were dealing with a death or illness, if you filed incorrectly or the IRS made a mistake, if you made a mistake but can prove a normally strong track record, if you were misled by a tax professional, or if ...

Read More »