AICPA Urges IRS to Expand First Time Abatement Program

AICPA Urges IRS to Expand First Time Abatement Program

In a letter to the tax agency, the American Institute of CPAs asked the IRS to expand the First Time Abatement program in order to cover more types of tax and information return penalties.

AICPA urges IRS to widen first time abatement penalty relief

The American Institute of CPAs (AICPA) has called on the Internal Revenue Service (IRS) to broaden and refine its first time abatement (FTA) penalty relief programme. In a letter to the IRS, the organisation lobbied for FTA be extended to include a wider range of tax and information return penalties than those currently covered. The AICPA also proposed allowing taxpayers to reverse automatically applied FTA relief when they can show reasonable c…