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Breaking Free from IRS Penalties: Understanding Penalty Abatement
Episode Summary
In this episode of Resilience and Resolve, host Kevin Rosenquist and tax attorney Lance Drury take a deep dive into the world of IRS penalties—and more importantly, how to get relief from them. From first-time penalty abatement to the complex process of proving reasonable cause, Lance explains what taxpayers need to know if they’ve fallen behind and are facing costly penalties. He also shares real-world examples, insider tips, and the critical importance of proper documentation and legal guidance.
If you’re navigating tax debt or penalties—or want to avoid them—this episode provides valuable, actionable insight.
Timestamps
Introduction to Resilience and Resolve with Lance Drury
Understanding the two types: First-Time Abatement and Reasonable Cause
Eligibility and limitations for first-time relief
Examples of qualifying circumstances (illness, death, bad advice, etc.)
How long it takes and the forms involved (Form 843, Tax Account Analysis)
Medical records and formal proof for reasonable cause claims
Your rights and what to expect from the IRS appeal process
Why the IRS is overwhelmed and what that means for taxpayers
Using special software and legal expertise to cut through red tape
Lance’s insight on success rates and false promises in the industry
The dangers of self-representation and IRS communication
How notices are handled and the need for professional monitoring
Why hiring a professional makes all the difference
About the Show
Resilience and Resolve with Lance Drury breaks down the complex world of tax law into clear, practical guidance for individuals and businesses. Hosted by Kevin Rosenquist and featuring renowned tax attorney Lance Drury, each episode delivers essential insight into IRS dealings, tax resolutions, and the importance of legal strategy. Whether you're in tax trouble or want to stay out of it, this podcast gives you the tools to take control.
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By resilienceandresolveEpisode Summary
In this episode of Resilience and Resolve, host Kevin Rosenquist and tax attorney Lance Drury take a deep dive into the world of IRS penalties—and more importantly, how to get relief from them. From first-time penalty abatement to the complex process of proving reasonable cause, Lance explains what taxpayers need to know if they’ve fallen behind and are facing costly penalties. He also shares real-world examples, insider tips, and the critical importance of proper documentation and legal guidance.
If you’re navigating tax debt or penalties—or want to avoid them—this episode provides valuable, actionable insight.
Timestamps
Introduction to Resilience and Resolve with Lance Drury
Understanding the two types: First-Time Abatement and Reasonable Cause
Eligibility and limitations for first-time relief
Examples of qualifying circumstances (illness, death, bad advice, etc.)
How long it takes and the forms involved (Form 843, Tax Account Analysis)
Medical records and formal proof for reasonable cause claims
Your rights and what to expect from the IRS appeal process
Why the IRS is overwhelmed and what that means for taxpayers
Using special software and legal expertise to cut through red tape
Lance’s insight on success rates and false promises in the industry
The dangers of self-representation and IRS communication
How notices are handled and the need for professional monitoring
Why hiring a professional makes all the difference
About the Show
Resilience and Resolve with Lance Drury breaks down the complex world of tax law into clear, practical guidance for individuals and businesses. Hosted by Kevin Rosenquist and featuring renowned tax attorney Lance Drury, each episode delivers essential insight into IRS dealings, tax resolutions, and the importance of legal strategy. Whether you're in tax trouble or want to stay out of it, this podcast gives you the tools to take control.