Here’s what taxpayer’s should know about penalty relief

After receiving a notice stating the IRS assessed a penalty, a taxpayer should check that the information in the notice is correct. Those who can resolve the issue may get relief from certain penalties, which include failing to:

• File a tax return
• Pay on time
• Deposit certain taxes as required

Types of Penalty Relief:

• Reasonable cause: This relief is based on all the facts and circumstances in a taxpayer’s situation.
• Administrative Wavier
• Statutory Exception: In certain situations. Legislation may provide an exception to a penalty.

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