Betty Williams successfully saved a client over $32,000 by getting the IRS to abate IRC section 5500 penalties! To read more about Ms. William’s, click here.
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Penalty Relief
IRS Phases Out First Time Abatement and Automatically Removes Penalties With No Action by Taxpayers
Beginning with tax returns due on or after January 1, 2027, the IRS will now automatically abate penalties for the failure to file, failure to pay, or failure to make tax deposits for annual and quarterly tax filings whenever a taxpayer has three prior years (or 12...
Nearly Five Million Received Penalty Relief During the Pandemic
The IRS succeeded in accurately providing penalty relief 99% of the time regarding the COVID-19 relief to taxpayers who could not afford to make payments to the IRS during the pandemic. Of the 4.9 million who sought relief, some 3.6 million are on track to ultimately...
Anticipating Confusion, the IRS Provides Penalty Relief for 2025 Errors on Tips and Overtime
Employers calculating overtime and tip income can breathe a sigh of relief if they make errors on their 2025 new information reporting requirements related to cash tips and qualified overtime compensation, or on providing the correct information on payee statements....
