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Penalty Abatement

Exploring the Consequences of Paying S Corporation Shareholders Unreasonably Low Wages

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Key Takeaways Many S Corporation owners make the mistake of paying themselves very low wages or none at all to reduce payroll taxes, not realizing this can invite serious IRS scrutiny. The IRS considers most S Corp shareholders who perform regular business duties as employees, requiring them to pay “reasonable compensation.” Failure to pay reasonable

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IRS Tax Penalties: Is it Possible to Eliminate My Tax Penalties?

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Summary The IRS offers several programs to reduce or remove tax penalties if you meet certain qualifications. Penalty relief can be granted for reasonable cause, first-time abatement, statutory exceptions, or IRS errors. Demonstrating circumstances like illness, disasters, or record inaccessibility can justify penalty relief. First-time penalty abatement helps compliant taxpayers remove penalties for their first

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Stressed man reviewing 1040 tax forms before April 15 deadline.

It’s Almost April 15th, and I Can’t Pay My 1040 Tax. What Do I Do?

Notice of Intent to Levy Bank, Offer in Compromise, Penalty Abatement, Tax Resolution & Tax Relief / By

Summary If you can’t pay your 1040 tax by April 15th, filing a return or extension is critical to avoid failure-to-file penalties. Partial payments can significantly reduce penalties on unpaid taxes. The IRS allows penalty abatement for “reasonable cause,” with 85% of requests approved in 2024 when properly documented. Installment agreements and Offers in Compromise

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How to Get the IRS to Remove Penalties and Interest

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Summary Understanding IRS penalties and how to challenge them is crucial for reducing tax debt. First Time Penalty Abatement (FTA) is a simple way to remove penalties if eligible. Demonstrating “Reasonable Cause” is key to obtaining penalty relief beyond FTA. Proper documentation and a well-written abatement request greatly improve success chances. Consulting a tax resolution

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Tax Penalty Relief Scene

How To Get Rid Of IRS and State Tax Penalties

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Summary Penalties and interest can quickly balloon tax debts—abatement offers relief. Two main IRS penalty relief options: First Time Abatement and Reasonable Cause. 2025 rules still favor compliant taxpayers with good records. Quality of your request and IRS agent discretion both impact success. Working with a tax relief professional can increase your chances significantly. Why

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IRS Civil Penalty | Discrepancy Notice | TaxFortress

How to Eliminate IRS Civil Penalties

Federal Tax Lien, IRS Seizure, Notice of Intent to Levy Bank, Offer in Compromise, Outsource Payroll, Penalty Abatement, Tax Resolution & Tax Relief / By

One of the most frustrating situations my clients confront is the IRS’s addition of large amounts of tax or Civil Penalties to tax periods that ended a long time ago. There can be several reasons for additions to tax or Civil Penalties, but the most common ones I encounter are reporting and reconciliation deficiencies across

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