How to Request Penalty Relief from the IRS
Taxpayers may be saved from paying fines and additional charges through a process called penalty abatement or penalty relief. You may be able to request the reduction or elimination of penalties imposed by the IRS for various reasons, but knowing how to request penalty relief from the IRS and when you can do so can be tricky without assistance from tax professionals like the ones at Dayes Law Firm.
Requesting Penalty Relief
The IRS provides penalty relief for various situations, including failure to file, failure to pay, and failure to deposit taxes on time. Understanding the available options is essential to request penalty relief from the IRS. For more general information on penalties, check out the agency’s website.
Essentially, taxpayers can request IRS penalty abatement by submitting a written request to the agency that lays out the reasons for the non-compliance and provides any supporting documentation. For most cases, to apply, you can use Form 843, “Claim for Refund and Request for Abatement,” or contact the IRS directly by phone or in writing to get the process started. Be clear and concise in your request, providing all necessary documentation and details.
Penalty Relief Options
Options for penalty relief from the IRS can include First-time Penalty Abatement (FTA), which is available for taxpayers with a clean compliance history who’ve filed and paid their taxes on time for the past three years and haven’t previously requested penalty relief.
Additionally, if a taxpayer can demonstrate that they failed to meet tax obligations due to circumstances beyond their control such as natural disasters, medical emergencies, or the death of a close family member, reasonable cause relief may be available to them. A member of the team at Dayes Law Firm can help you build a compelling case for this option by presenting valid reasons for the penalties.
Otherwise, if the IRS has made a specific error, or if there’s a statutory exception that applies to your situation, it could be possible to request an Administrative Waiver.
There are several penalty relief options you may be able to consider, but without understanding tax law, it can be hard to know where to start. Dayes Law Firm can help you get started and provide ongoing updates and guidance throughout the process, helping you to remain informed and confident as we advocate on your behalf to the IRS.
Working with Dayes Law Firm on Penalty Relief
At Dayes Law Firm, we can work with you to reduce or eliminate your IRS penalties, providing you with much-needed financial relief. To get started, call our firm at (800) 304-8888 for a free, no-obligation consultation now.
Our skilled tax professionals have a deep understanding of IRS procedures and a successful record of securing penalty abatements for our clients. To find out how we may be able to assist you, contact us today.
