To apply for penalty relief, follow the instructions on the IRS notice or letter received. Some requests can be made by phone, while others require written applications using Form 843.

Generally, retirees must start taking RMDs at age 73. However, there is a special provision for those who turn 73 in 2024, allowing them to delay their first RMD until April 1, 2025.

If you filed your tax return on time and have an approved payment plan with the IRS, the penalty for not paying is generally reduced to 0.25% per month (or part of a month) during the term of your ...