ilmscore | IRS Penalty Abatement Predictions
IRS

IRS Penalty Abatement

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Recent Predictions

Total: 8
Correct: 0
Incorrect: 0
Pending: 8
Unrated: 0
Prediction
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Video
The IRS will likely waive penalties 80% of the time for taxpayers with a good history of timely filings and payments, especially with a first-time penalty waiver.
"from my experience I'll say it's gonna work eighty percent of the time that's if you have a good his..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...
Taxpayers with a history of late filings or payments have less than a 10% chance of having IRS penalties waived, even with reasonable cause.
"if you have a bad history of late filing or late payments I would say even if you have reasonable ca..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...
Attempting to resolve IRS penalties informally by phone with a reasonable cause excuse is a viable first step.
"so you could do this is gonna be super informal you know you get the letter it says you can contact ..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...
To increase the probability of penalty abatement, the first attempt should be by phone, as IRS agents have discretionary power.
"if you want as many attempts as possible to just increase the probability of this working for you I ..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...
If an initial phone call to the IRS for penalty abatement is rejected, a second attempt can be made by responding to the penalty letter in writing, citing reasonable cause.
"if they say no well okay you know that attempt got rejected so what you can do is you got that lette..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...
The official penalty abatement form is the third and final resort for waiving IRS penalties, after informal attempts by phone and letter have failed.
"if that was your second attempt and it failed then what you can do is the official penalty abatement..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...
If a taxpayer has a good history of timely filing and payments, the IRS is likely to waive a first-time penalty around 80% of the time, potentially even higher with a first-time penalty waiver.
"from my experience I'll say it's gonna work eighty percent of the time that's if you have a good his..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...
If a taxpayer has a bad history of late filing or payments, the IRS will likely grant penalty abatement with reasonable cause less than 10% of the time.
"if you have a bad history of late filing or late payments I would say even if you have reasonable ca..."
ClearValue Tax ClearValue Tax
Jul 26, 2019
Pending
How to Get the IRS t...