Avoid IRS Tax Tines With This One-Time Free Prison Release Card

Some taxpayers can avoid tax penalties or get their money back under the IRS First Abatement (FTA) policy.

Tax Penalties ( Photo: CNBC )

It’s like escaping from prison and not all taxpayers are entitled to it

The IRS First Reduction Penalty or Other Administrative Exemption Provision states, “If this is your first tax penalty or you meet other criteria permitted by tax law, you are eligible for reduced administrative exemption penalties. There is a possibility.” As noted by the IRS, IRS administrative waivers exempt individuals and businesses from certain penalties under certain circumstances, the most common form being a “first waiver.” After receiving her IRS notice of these three penalties, you can apply for an FTA.

Only a selection of people are qualified for First Time Penalty Abatement

To be eligible for an FTA, certain requirements must be met, including a clean record with no penalties for three tax years prior to the tax year in which the penalty was applied.

You can call or write to the IRS to request a reduction of the initial fine. If you have received an official fine notice from the IRS, there should be a toll-free contact number in the upper right corner of the letter. No supporting documents are required as the IRS will review your account to determine if it qualifies for an FTA. To submit a written request by mail, please submit a statement or complete IRS Form 843, Request for Refund and Reduction Request.

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