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Penalty Abatement Relief or Red Tape
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.
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By resilienceandresolveEpisode 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.