What industry secret are you aware of that most people aren't?
What industry secret are you aware of that most people aren't?
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642 comments
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The IRS has what is called a first time abatement of penalties. So if this is the first time in a 3 year span you owe you can have the penalties (not interest) waived.
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With no other realized penalty for the individual? Nothing indirect?
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It's the failure to file and failure to pay penalties. The tools we have do a 3 year lookback from the tax year in question for these two penalties and if they don't exist in those three years we can abate any and all of those penalties that would accrue for that tax year.
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Wish I'd known this. One year we forgot one of our W2s.
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I mean as long as it's been less than two years you can get back any payment of penalties to the IRS.
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I believe it was my 2021 taxes (meaning I filed in 2022). Think I still have a shot? I don't remember how much it was but it was definitely more than zero.
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The worst they could happen is nothing
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642 comments