this post was submitted on 24 Jun 2024
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The IRS has what is called a first time abatement of penalties. So if this is the first time in a 3 year span you owe you can have the penalties (not interest) waived.
With no other realized penalty for the individual? Nothing indirect?
It's the failure to file and failure to pay penalties. The tools we have do a 3 year lookback from the tax year in question for these two penalties and if they don't exist in those three years we can abate any and all of those penalties that would accrue for that tax year.