The IRS stresses the importance of swift action for taxpayers who missed federal tax deadlines. Ignoring tax debts can lead ...

Missing the filing deadline can trigger penalties, interest, and potential complications with future filings. The IRS ...

If you’ve been hit with steep penalties from the IRS, a penalty abatement can offer the financial reprieve you need to get back on your feet again. Jump to insight Specific steps and ...

Still haven't filed your 2024 taxes? Here are the key questions to ask a tax pro before you make any other moves.

Penalty abatement offers relief from the additional charges the IRS adds to your tax debt. "In certain circumstances, the IRS may fully or partially abate — that is, forgive — the penalties it ...

The IRS does offer penalty abatement (meaning that the agency will forgive your tax penalties) in certain circumstances, though, such as first-time offenses or reasonable causes (like medical ...

For early 2025, this rate is 7 percent. While the IRS allows for penalty abatement in cases of reasonable cause or first-time offenses, interest charges cannot be waived unless the associated ...

Whether pursuing an Offer in Compromise, an installment plan, or penalty abatement, knowing the IRS requirements and potential consequences will help you take the best course of action in 2025.

Over the phone you can ask the IRS person to abate the penalty. But you have to ask ... to pay penalties there is also the ...

The IRS charges interest on the unpaid tax balance ... While interest cannot be waived unless penalties are reduced, first-time penalty abatement may be available if specific criteria are met ...