One Time Forgiveness

[Taxadvisor VA]

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

[New York Enrolled Agent]

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.

[kathyc2]

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

[Taxadvisor VA]

Ny ea

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

[Taxadvisor VA]

Kathyc2- response

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

Thank you so much for responding and sending the link.
It has provided solid information for me to use.

Best Regards,

Taxadvisor VA