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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