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IRS website to provide guidance on handling penalty notices

HNbdQu_v [1]The IRS has a new web page that contains helpful information for small businesses who receive a penalty notice. The IRS advises recipients of a penalty notice to review the notice for accurate information. Businesses may qualify for a penalty relief under certain circumstances. Penalties eligible for relief include:

Abatement of penalties may be available for the following reasons:

Businesses may consult the Penalty Appeal Online Self-Help Tool when receiving a penalty notice or letter denying a request for penalty relief.

The IRS does not abate interest assessments for reasonable cause or as first-time relief. The instructions for Form 843, Claim for Refund and Request for Abatement, mention the circumstances under which interest may be abated.

For more information, visit the IRS’s Penalties at a Glance [2] web page.