Receiving an IRS penalty notice can be intimidating, but there may be good news for some taxpayers. The IRS has recently expanded and streamlined certain penalty relief procedures, making it easier for eligible taxpayers to have qualifying penalties removed or reduced.
While not everyone will qualify, understanding your options could save you hundreds—or even thousands—of dollars.
What Is IRS Penalty Relief?
The IRS imposes a variety of penalties for issues such as:
Filing a tax return late
Paying taxes after the due date
Failing to deposit payroll taxes
Inaccurate reporting
In many cases, these penalties continue […]