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How Can I Get IRS to Waive Penalties and Interests

Can I Get IRS to Waive Penalties and Interests

In theory, the law allows the IRS to waive penalties and interests in certain situations. In reality, however, the chances your case is one of them is quite slim.

Who Qualifies for a Waiver of Penalties and Interests

  • A US citizen who can prove that they were not in the country during the tax year they have incurred penalties and interests, and they had no means of accessing the changes made to the tax laws.
  • A person who has lost their spouse or a close relative. A death certificate must be provided.
  • A person above the age of 62.
  • A person who has recently retired.
  • A person who has had to move to a different place due to a natural disaster.
  • A person who lives below the poverty line for their family size.
  • A person who has been given bad tax advice in writing.

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If you consider yourself a part of any of the above categories you may get the IRS to waive penalties and interests on your tax account if you have all the relevant and necessary documentation to prove it. However, it is crucial that you use reliable tax accountant who can give you the right advice and help you go through the process. It isn’t easy to be granted a waiver.

If this doesn’t work for you, you may also try to go one of these  routes to relieve your tax debt:

  • Submit an Offer in Compromise
  • Apply for Installment Payments
  • Apply for Currently Non-Collectible Status

If you need help with filing tax returns for previous years, please contact us at support@fascpaconsultants.com.

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Fulton Abraham Sanchez, CPA

Fulton Abraham Sánchez, CPA is a Certified Public Accountant, specialized In Tax Planning, International Business, Wealth Management and Offshore Banking. You can email him to fa@fascpaconsultants.com or follow us on Facebook : FAS CPA & Consultants.

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