IRS First time penalty abatement : Who ,When and How ?

First-time penalty abatement is an administrative policy of the #IRS to provide relief from penalties to taxpayers for failure to file taxes or pay tax in time or failure to deposit tax in time. The penalty relief under the FTA waiver only applies to a single tax period and is not applicable based solely on a taxpayer’s first request for penalty relief. In other words, if you are liable for the first time, any of the following penalties, you may apply for the first time penalty abatement from IRS.

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