Guide to Using the First-Time Penalty Abatement Waiver
A large Internal Revenue Service (IRS) debt can be overwhelming in and of itself, but when the myriad of penalties and fees grow into a seemingly unconquerable mountain, the situation can become downright terrifying! The good news is that there are programs that can help you to reduce or eliminate some or even all of the penalties and fees associated with your IRS debt. One of these programs is the First Time Penalty Abatement Waiver (FTPAW). The abatement waiver allows some or all of the penalties to be waived if you qualify.
Let’s take a look at how you can potentially use this waiver to help bring down a portion of the total debt that you owe to the IRS.
Who Can Qualify for the First Time Penalty Abatement Waiver
Most of the time, the IRS does not look favorably on those who neglect filing their tax return. However, there are some circumstances where the IRS might understand why this may have happened. For these circumstances, the FTPAW can be used to alleviate the penalties associated with the debt from the unfiled or incorrectly filed return.
Some reasons why a person may qualify for this type of relief are:
- Death, serious illness, extensive injury, or other life-threatening concern that prevented the filing of the form or the filling of it properly.
- A natural disaster, financial causality, or other occurrences that were outside of your control that directly or seriously indirectly affected your ability to file.
- You have had no penalties for three years prior to the current penalty and are not currently in tax debt.
If these conditions apply to your situation, then it is very possible that you may qualify for FTPAW. A Success Tax Relief professional can better assess the situation.
What if I Don’t Qualify for FTPAW?
Don’t despair, FTPAW is only one of the possible ways that we can work with the IRS to reduce or eliminate any penalties and fees that are attached to your tax debt. Other items that we can pursue if you don’t qualify for FTPAW are:
- Statutory Exception:
- Innocent Spouse Tax Relief:
Success Tax Relief: Helping with Your IRS and State Revenue Issues
Success Tax Relief has been helping customer just like you in both Georgia and Texas deal with their Federal Internal Revenue Service problems for years. Our expert team of associates and counselors can help guide you through the process and show you what options you have.
Our team will be right beside you every step of the way through your audit, assessment, and payment phases. We can help also help you apply for a First Time Penalty Abatement Waiver after evaluating your situation to make sure you qualify. Call us today for a free consultation at 877-825-1179 and let us help. You can also get in touch with us using our online contact form. You don’t have to face the IRS alone. We are here to stand in your corner and get you the help you need.