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With assistance from SafeGuard Tax, first-time penalty abatement (FTA) is possible. This program allows the IRS to remove penalties from your tax debt, including those for failure to file, failure to pay, and failure to deposit. In some cases, the IRS may also eliminate interest related to these penalties.
Tax debt often accumulates penalties and interest faster than most people realize. If your debt has been outstanding for several years, you might notice your balance growing faster than you can manage. We can help reduce or eliminate these penalties if you qualify for penalty abatement.
Taxpayers can request relief from penalties like those for failing to file or pay. Through abatement, the IRS can remove these penalties after reviewing your situation. Failure to File (FTF) and Failure to Pay (FTP) penalties are often processed electronically by the IRS when a return is filed or a payment is made on an outstanding balance.
Other penalties, like those for underpayment of estimated taxes, require different approaches. For instance, taxpayers can request an exemption from the estimated tax penalty when they file their income tax return, using IRS Form 2210.
In cases where penalties are assessed during audits or investigations—such as accuracy or fraud penalties—dealing with the IRS auditors or appeals officers may be necessary before abatement is granted. While accuracy penalties can be abated after they are assessed, the process can involve special IRS procedures or court action, which may take years to resolve.
You may qualify for penalty relief if you made a genuine effort to comply with tax laws but were unable to meet your tax obligations due to circumstances beyond your control.
If you’ve received a notice from the IRS, be sure to verify the information. If there’s an error in the notice, you may be able to correct the issue, potentially avoiding a penalty altogether.
Penalties eligible for relief include:
If you are considering a penalty abatement, let our experts guide you through the processes. Give us a call at 866-123-4567 or submit your application below. Apply Now!