Filing and paying state and federal taxes can be complicated, inconvenient, and unnerving. Deadlines can be hard to remember and even harder to meet. And since state and federal tax laws are constantly changing, it’s nearly impossible to keep up. With all this confusion and bureaucracy, failing to file and pay your taxes is an understandable mistake — and one that is easy to make.
If you or someone you know has missed a filing or payment deadline, you’re probably subject to penalties. But you could be eligible to waive these fees if you meet certain criteria. Keep reading to learn more about the IRS First Time Penalty Abatement program and how it could improve your tax situation.