Eliminating IRS Penalties Simplified

In this video, we discuss common issues faced by individuals dealing with IRS penalties and interests, and explore ways to abate (eliminate) these penalties. The first method covered is the 'First Time Penalty Abatement', which is almost automatic if you haven't incurred penalties in the past three years. Alternatively, you can request this by calling the IRS or submitting Form 843 in writing. The second method discussed is 'Reasonable Cause Penalty Abatement', which requires a strong justification for failing to pay or file taxes on time, such as illness or other severe circumstances. We emphasize the importance of supporting your request with ample documentary evidence. For further information, visit getirshelp.com.

00:00 Introduction to IRS Penalties and Interest
00:23 First Time Penalty Abatement
00:45 Requesting First Time Penalty Abatement
01:50 Reasonable Cause Penalty Abatement
02:30 Challenges and Documentation for Penalty Abatement
03:05 Conclusion and Additional Resources