If you or your corporation files your tax return late, or fails to pay your taxes on time, you could face big penalties. Naturally, you’d think you’d have to pay them.
Not true!
When you know how to play the game, and learn which buzzwords to use when talking to the IRS, they will show you mercy and forgive those penalties.
What’s the first step you need to take to avoid paying for your mistakes?
Read my new article titled Tax Tips: Hit with IRS Penalties? Pay $0 with IRS Mercy!
Three strategies you can use to beat IRS penalties:
Strategy #1: Ask for a “first-time abate.” If the IRS has never hit you with a failure-to-file or failure-to pay penalty, simply ask for a first-time abate. The IRS will remove your penalty, provided you have no other tax-compliance issues. You’ll get the whole story when you read the full article.
Strategy #2: Request partnership relief. The IRS carved out a little-known loophole over thirty years ago for late-filed partnership returns. The good news? It still works! To qualify, you and your partners must be individuals or estates. We’ll give you all the details when you read the full article.
Strategy #3: Show that you’ve got “reasonable cause.” If you don’t qualify for first-time abatement or partnership relief, penalty-removal gets trickier because you’ll have to give the IRS a legitimate reason for why you failed to file and/or pay on time. What does Uncle Sam accept as a reasonable cause? You’ll find out when you read the full article.