will IRS Waive off Interest & Penalties

[bandhuvb]

What is the name of your state? New York

We had a major tax liablity , after which last year we signed up for an installment plan. We have been paying the installments regularly. Also we are up to date with our current tax liabilities.

The burden of Interests and penalties applied earlier is very heavy. How can we get IRS to waive off the interest and penalties.

Regards.
Bandhu

 

[Snipes5]

They won't waive interest.

You may be able to get them to waive penalties if you have a good enough reason. This is really something you should have done BEFORE you started the installment plan.

Go to the nearest IRS office and have a face to face chat with them about the penalties. It also depends on what the penalties were for.

I would go in asking for them to be "reduced", rather than waived altogether.

Snipes