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    One Time Forgiveness

    For some reason, I have heard that IRS does permit a one time forgiveness of penalties throughout a taxpayers life. Is this true? ______ If so, can you point me to an IRC code?

    Thanks,

    Taxadvisor VA

    #2
    Originally posted by Taxadvisor VA View Post
    For some reason, I have heard that IRS does permit a one time forgiveness of penalties throughout a taxpayers life. Is this true? ______ If so, can you point me to an IRC code?

    Thanks,

    Taxadvisor VA
    It's called First Time Abatement (FTA).

    BUT, it is only for the failure to file, failure to pay or failure to deposit penalties. See IRM 20.1.1.3.6.1 for all the details.

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      #3
      This may also help: http://www.aicpa.org/Publications/Ta...2013.html.aspx

      Comment


        #4
        Ny ea

        Originally posted by New York Enrolled Agent View Post
        It's called First Time Abatement (FTA).

        BUT, it is only for the failure to file, failure to pay or failure to deposit penalties. See IRM 20.1.1.3.6.1 for all the details.
        Thank you again for responding and shedding light on this area.

        Best Regards,
        Taxadvisor VA

        Comment


          #5
          Kathyc2- response

          Originally posted by kathyc2 View Post
          Thank you so much for responding and sending the link.
          It has provided solid information for me to use.

          Best Regards,

          Taxadvisor VA

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