IRS Penalties (2019) – Penalty Abatement vs. Tax Amnesty Programs

IRS Penalties (2019) – Penalty Abatement vs. Tax Amnesty Programs (Golding & Golding) IRS Penalties (2019) – Penalty Abatement vs. Tax Amnesty Programs When it comes to the IRS and Penalties, it is always easier to try to avoid IRS penalties than it is to ask the Internal Revenue Service to remove penalties from your account. The difference between penalty abatement and tax amnesty, is sort of like the difference between apologizing first vs. asking for forgiveness later. In the former, you are making a proactive submission to the IRS (via Amnesty or Voluntary/Streamlined Disclosure), in which you acknowledge your mistake, and request that penalties not be issued. In the latter, the IRS has already issued penalties. Therefore, not only is it harder to try to get the Internal Revenue Service to remove the penalties, but you are under a tighter deadline. IRS Deadlines for Penalty Abatement If you are proactive and submit an amnesty or disclosure request, the…

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