If you haven’t paid your taxes or filed your tax returns in years, you may have accrued significant penalties and interest in addition to your original tax debt. Alleviate Tax can often get these costly penalties and interest charges removed through a process called penalty abatement.
If this is your first time dealing with tax debts that have resulted in fees, interest, and penalties, the First Time Penalty Abatement Waiver is a form of tax relief the IRS offers to certain qualifying taxpayers who’ve incurred penalties for failing to file, failing to pay, or failing to deposit. This is a good-will policy designed by the IRS to reward a good compliance history, as well as deter taxpayers from making the same mistakes again.
Both individual taxpayers and businesses are eligible to request a First Time Penalty Abatement (FTPA) Waiver, which is when the IRS waives penalties incurred from failure to file, failure to pay, or failure to deposit. However, the FTPA waiver doesn’t apply to fines resulting from things like accuracy penalties, event-based requirements, and reporting that depends on other filings.
It’s also important to note that the FTPA only applies to a single tax filing year or period. If more years apply, the earliest of the years is the only one that will be considered for relief. All remaining years that have incurred penalties and fees must then be addressed with other relief methods, such as using criteria to meet reasonable cause guidelines.
Alleviate Tax can help you navigate the penalty abatement qualification process, helping alleviate your tax debt, potentially saving you tens of thousands in penalties, interest, and fees tacked on by the IRS. We handle the complicated IRS rules and tax relief calculations for you, ensuring you get the best possible results with the least amount of hassle.
15 minutes is all it takes to breathe easy knowing your tax penalty burden is in the hands of tax abatement experts.
Simply contact us using the form below, and one of our tax penalty abatement specialists will provide you a free consultation to determine if you qualify for a drastic reduction in tax penalties, fees, and interest charges.