First-Time Abatement: An IRS Hidden Treasure

First-Time Abatement: An IRS Hidden Treasure

Have you received a notice from the IRS, stating you owe money and/or have had penalties and interest applied? The IRS sends thousands of these letters to taxpayers every year. At Nichols & Company, we always recommend you send a copy of your notice to us and let us handle the matter on your behalf.

Occasionally, notices address issues such as failure to file, failure to pay, or failure to deposit. Any of these issues are eligible for resolution using a first-time abatement (FTA).  There are certain circumstances where an FTA will be honored, and we are well aware of what those situations are. Please contact us as soon as possible if you receive a notice. Most of them require a quick response.

More specifics about which issues qualify for an FTA can be found here: https://tax.thomsonreuters.com/wp-content/pdf/cs-professional-suite/solutions/17-1.pdf  (Page 5)