Nemeth IRS News - Episode 3 (When IRS Abatement of Penalties is Possible)
Falling behind on paying your taxes to the IRS will result in penalties and interest charged by the government agency. And the longer your tax debt goes unpaid, the higher the interest and penalties will go. Fortunately, there are IRS penalty abatement options available to select people and situations, though many people are not aware of this possibility.
In the latest installment of Nemeth IRS News, Nick and Jamie explore who can benefit from IRS penalty abatement and how to take advantage of the benefit.
Keep in mind, applying for IRS penalty abatement is a complex process that requires professional help to stop the IRS collection process. Luckily, we have Nick and Jamie to share their valuable insights on the matter!
Timecodes:
0:06 - Overview on the topic of the day
1:59 - What is an IRS penalty abatement?
2:58 - Examining the different penalty abatement options available
4:40 - Reasonable cause and how this option comes into play
6:20 - What to do if you don't qualify for any of the options listed
8:32 - An example of a case Nick worked on in the penalty abatement process
10:12 - How much money can be abated and is there a limit to that amount?
11:58 - How someone goes about requesting a penalty abatement
14:15 - Additional considerations when applying for IRS penalty abatement
15:41 - Closing remarks and how to get in touch with their team
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