How to Eliminate IRS Penalties: First-Time and Reasonable Cause Abatement Explained

In this video, we address one of the most common concerns for individuals dealing with IRS issues: penalties and interest. We discuss two main methods to eliminate IRS penalties – first-time penalty abatement and reasonable cause penalty abatement. Learn about the eligibility criteria for first-time penalty relief and how to request it either by phone or in writing using Form 843. We also delve into the tougher reasonable cause abatement, which requires a compelling reason backed by documentary evidence. For more detailed IRS assistance, visit our website at getirshelp.com.
00:00 Introduction to IRS Penalties and Interest
00:23 First Time Penalty Abatement
00:45 Requesting First Time Penalty Abatement
01:19 Success Stories and Timeframes
01:50 Reasonable Cause Penalty Abatement
02:30 Challenges and Documentary Evidence
03:05 Conclusion and Further Resources