Abatement of Federal Tax Penalties

One of the mechanisms used by the IRS to encourage compliance and to punish non-compliance is the assessment of various types of penalties against taxpayers. If unresolved, these penalties can result in taxpayers owing the IRS significant amounts of money. In some cases, rather than paying the penalties, taxpayers may be able to have the penalties abated, resulting in substantial savings. In this podcast, we will discuss the types of penalties assessed by the IRS and the circumstances under which the IRS may abate those penalties.