Thank you for the thorough response! Some follow up questions:
"The IRS will calculate your penalties and interest for you and send you a notice."
- Does this happen after they receive and process my mailed-in 2022 and 2023 tax returns? Or at what point will they send the notice?
- Should I wait for the notice to set up payment plan or pay off the balance or can I act sooner?
"Alternatively, you can set up an IRS payment plan."
- Am I correct to understand then that payment plans can be setup at any time, not just before the filing deadline or extension deadline for a given tax year? I would be setting up payment plans for 2022-2023.
"You may want to consider filing for a request a First-Time Abatement (FTA) or requesting a waiver due to Reasonable Cause."
- Do I need or would you recommend assistance from a tax professional to file such a request or request a waiver?
