Donna Genie walks through how to request first-time penalty relief from the IRS in three steps: confirm you're eligible, call the IRS with your tax transcripts and a reason for the penalty, and collect your refund. She's helped clients recover over $8,000 this way.
Hey, what if I told you that the IRS might owe you money right now? I'm talking about penalty relief that most business owners and individuals don't even know exists. First, understand first time penalty relief and what it's all about. If you have been compliant in previous years and this is your first penalty, you're likely eligible. This applies to late filing, late payment and other common tax penalties. Step number two Request Penalty Abatement here's the critical you need to call the IRS directly and specifically request first time penalty relief. They won't volunteer this info, so you're going to want to have your tax transcript ready and be prepared to explain your reasonable cause for the penalty. So just last month I helped two clients recover over $8,000 in penalties by simply understanding how this process works. Step three Verify and Collect. So once approved, the IRS will send you a check or credit the amount to your tax account, most likely the check. Most people don't realize this money is sitting there waiting to be claimed.
