It has been just over a month since this year’s tax deadline, but that doesn’t mean taxes aren’t still on your mind. If you filed your 2017 federal tax return and were unable to pay the balance you owed, you likely are beginning to get collection notices from the IRS. Maybe this is the first year you’ve owed the IRS and you aren’t sure what to do. That fear can be paralyzing to anyone and the constant letters only make it worse. Maybe you’ve owed the IRS before but never gotten around to resolving it as other life events have taken priority. Or maybe you didn’t withhold enough on your W-2. We understand that you did not end up here on purpose. Regardless of how you ended up here or what has kept you from resolving it, you need to know there are options out there!
If it is your first time to owe the IRS, you likely qualify for a first-time penalty abatement. Penalty abatements can help lower your overall tax liability. There are certain requirements you must meet to qualify for a first-time penalty abatement, so it’s important to read those over or talk to a tax attorney to see if you may qualify. Just because you get a penalty abatement, it doesn’t mean you can’t also get a resolution like an Offer in Compromise with the IRS.
