A first-time penalty abatement may be applied to more than one tax year. I have acquired this abatement for clients by calling the IRS directly. Make sure that you ask for the year in question and the prior three years. A taxpayer may only receive the abatement once.
The abatement is only available for:
- the failure-to-file (code 166),
- the failure-to-pay (code 276), and
- the failure-to-deposit penalties (941's).
Use IRS form 2210 to see if you owe a penalty for underpaying your estimated tax. There are some situations in which you must file the form to request a waiver.
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