[US] First time tax penalty abatement
[US] First time tax penalty abatement
www.cnbc.com This one-time strategy can waive IRS tax penalties. 'It’s like a get out of jail free card,' expert says
This lesser-known first-time penalty abatement may waive IRS fees in certain situations, tax pros say. Here's how to qualify.
I wasn't aware of this until now, probably because I never needed it. But if you're usually a good, on-time tax filer, but you forgot this year for some reason, you can apply to get fees waived.
Anyone have any experience with this? Just wondering how useful it is in practice.
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