What Is an IRS "First Time" Penalty Abatement?

Education & Training with Apex Tax Defense LLC

I focus my practice on tax resolution, representing taxpayers in Colorado, Florida, and across the United States. Many poeple have heard of the IRS "First Time" Penalty Abatement, but what exactly is it?

The IRS First Time Penalty Abatement (FTP) is a program available to taxpayers who have incurred late filing and/or late payment penalties on their federal income tax returns. The program waives any applicable penalties for taxpayers who qualify. Generally, to qualify for FTP, the taxpayer must meet the following three criteria:

1) The taxpayer must have had no prior penalties for the last three tax years.

2) The taxpayer must show reasonable cause for the penalty incurred (e.g. a death or illness in the family, natural disaster, etc.).

3) The taxpayer must agree to comply with all filing and payment requirements going forward.

If you or someone you know has back taxes to deal with, don't hesitate to contact us immediately at 303-499-2700 or by email at mmoran@apextaxdefense.com. 

Michael Moran, CEO, EA
Apex Tax Defense LLC
825 S Broadway
Boulder, CO 80305
Phone: 303-499-2700
Fax: 888-478-7627

Comments (0)