First and foremost, file your tax return as soon as possible, even if you can’t afford to pay the full amount you owe. Why?

Did you file your taxes? If you owe the IRS, here's what to expect—from penalties and liens to payment plans and appeal ...

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. If relief ...

In addition to the filing penalty, there's the Failure-to-Pay Penalty, which applies if taxes aren't paid by the deadline, even if an extension is filed. This penalty is 0.5% of the unpaid taxes ...

The IRS offers two main types of penalty relief: First-time abatement: This program is available to taxpayers with no penalties in the previous three tax years. It forgives failure-to-file and ...

T he IRS imposes a penalty if you file your tax return on time but fail to pay the taxes owed by the deadline. This penalty is generally 0.5% of the unpaid taxes for each month or part of a month ...

While the IRS allows for penalty abatement in cases of reasonable cause or first-time offenses, interest charges cannot be waived unless the associated penalty is also removed.