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Listen "Penalty Abatement Relief or Red Tape"
Episode Synopsis
Episode Summary:
Tax attorney Lance Drury breaks down IRS penalties, abatement processes, and navigating complex tax resolution strategies. Learn about failure to file vs. failure to pay penalties, requirements for first-time penalty abatement, and what constitutes "reasonable cause" for penalty relief.
Key Timestamps:
00:31 - Types of IRS penalties and calculation methods
02:24 - Understanding "reasonable cause" for penalty abatement
04:08 - Explanation of penalty abatement process
04:54 - Documentation requirements for reasonable cause claims
05:28 - Appeals process for denied abatement requests
09:03 - Current IRS challenges and processing delays
12:17 - Timing and qualification for penalty abatement
About The Show:
“Resilience and Resolve” with Lance Drury delivers expert insights on tax resolution, IRS negotiations, and practical solutions for tax-related challenges. With offices across Missouri, Illinois, Kentucky, Tennessee, and Texas, Lance Drury provides comprehensive tax resolution services backed by over 20 years of experience.
Tax attorney Lance Drury breaks down IRS penalties, abatement processes, and navigating complex tax resolution strategies. Learn about failure to file vs. failure to pay penalties, requirements for first-time penalty abatement, and what constitutes "reasonable cause" for penalty relief.
Key Timestamps:
00:31 - Types of IRS penalties and calculation methods
02:24 - Understanding "reasonable cause" for penalty abatement
04:08 - Explanation of penalty abatement process
04:54 - Documentation requirements for reasonable cause claims
05:28 - Appeals process for denied abatement requests
09:03 - Current IRS challenges and processing delays
12:17 - Timing and qualification for penalty abatement
About The Show:
“Resilience and Resolve” with Lance Drury delivers expert insights on tax resolution, IRS negotiations, and practical solutions for tax-related challenges. With offices across Missouri, Illinois, Kentucky, Tennessee, and Texas, Lance Drury provides comprehensive tax resolution services backed by over 20 years of experience.
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