First-time penalty abatement: A little-known program that can benefit taxpayers

07/8/2013 | Tax Adviser, The

Twelve years ago, the Internal Revenue Service created an administrative waiver -- the first-time penalty abatement -- that allows taxpayers who are typically compliant to request removal of certain penalties the IRS has assessed against them. However, this one-time penalty amnesty is generally unknown to the taxpayers who could benefit from it. This article explains the program, how to apply for an abatement and things to watch out for.

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Tax Adviser, The

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