Tax Relief: Don’t Panic!
According to TheStreet, Are you worried about an IRS penalty? You’re not alone! The IRS has ways to help you avoid or reduce fines and fees. In this article, we’ll explain the different types of tax penalty relief.
What is Tax Penalty Relief?
The IRS has programs to help people and businesses who can’t pay their taxes on time. These programs include:
* First-Time Abatement: For those with a good history of paying taxes on time
* Reasonable Cause: For people who had a good reason for not paying on time (like a serious illness)
* Accuracy-Related Penalties: For mistakes on your tax return
* Statutory Exception: For specific situations, like a natural disaster
* Tax Administration Penalty Relief: For errors caused by the IRS
How to Get Tax Penalty Relief
If you receive an IRS notice, follow these steps:
1. Read the notice carefully
2. Follow the instructions to request relief
3. File Form 843 with the IRS if needed
4. If denied, appeal the decision
Don’t worry if you need help! TurboTax Live Full Service or Live Assisted can guide you through the process and help you get the most relief possible. Don’t let tax penalties add up – take control of your finances today!
READ ALSO: New SSDI Payment System: Ensuring Prompt, Reliable Support for 42.5 Million Americans!