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PENALTY ABATEMENT MOST TAXPAYERS AREN’T AWARE OF

The IRS has a penalty abatement program for many taxpayers who pay their taxes late. Most taxpayers aren’t even aware of this program known as the First-Time Abate program. Based on a report by the Treasury Inspectors, if a taxpayer has been compliant for the past three years the IRS will approve a one-time waiver of the late payment and late filing penalties. However, taxpayers must request this relief in writing, and the program is not widely publicized. In fact, the penalty abatement procedures are not even mentioned in the instructions for your 1040 tax return or on notices from the IRS regarding your balance due. What’s an important thing for anyone who owes the IRS is to act on it quickly because the penalties add up very, very quickly and, in most cases, much faster than credit card debt.