Penalty Abatement the Easy Way!
By Bob Jablonsky, We are the Tax Specialists for Realtors
(Bob Jablonsky & Associates)
Are you a taxpayer who files and pays timely each year but had one year where there was a blip and were unable to do so? If that’s you, I may have good news for you. While the IRS does not simply remove penalties upon request, there are some options. Today, we’ll discuss the First Time Penalty Abatement (FTA). If you’ve had 3 clean years, you will likely qualify. Here’s the rules - What Qualifies as a First Time Penalty Abatement? The First Time Penalty Abatement (FTA) is available for 3 penalties – Failure to File Failure to Pay Failure to Deposit (Payroll Deposits) The IRS Website states that you may qualify for relief from penalties if the following are true – You didn’t previously have to file a return, or you have no penalties for the 3 tax years prior to the tax year in whic...