What is Penalty Abatement?

A penalty abatement is an administrative relief given to taxpayers by the IRS to help adjust or in many cases eliminate the accrued penalties and interest added to the owed total balance. There are several reasons on why the IRS could eliminate or reduce the penalties assessed, including:

  • Reasonable Cause
  • Statutory Exceptions
  • Administrative Waivers
  • Correction in Service Error.

Other reasons may include:

  • Delay in sending tax file via mail because of error.
  • The destruction of records by a catastrophe, such as natural disasters or from storms.
  • Or a death or serious illness/medical condition in the family.

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