IRS Penalty Reduction Strategies

Learn effective strategies for dealing with IRS penalties in this video. Discover the First Time Penalty Abatement, an automatic relief if you've been penalty-free for the prior three years. Also, understand the Reasonable Cause Penalty Abatement, which requires a solid reason backed with documentation. These insights can help you manage and potentially eliminate IRS penalties effectively.
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