IRS Penalties and Abatement/Relief
The Internal Revenue Service taxes individuals and businesses according to the Internal Revenue Code (IRC), which is also known as the “tax code.” In the tax code, taxpayers can be subject to penalties for a variety of reasons, but the most common reasons are Failure to File and Failure to Pay. IRS penalties can add potentially thousands of dollars to a taxpayer’s total tax debt amount, which can increase interest-based fees too. Penalties were introduced as a way to deter delinquent taxpayers to file and pay on time.
Fortunately there are provisions in the IRC that allows for IRS Penalty Abatement. Read the full article –>