IRS Penalties
- Avoiding IRS Penalties
- Common IRS Penalties
- Early Distribution Penalties
- Penalty Exceptions for Early Distributions
- Appealing a Penalty
- IRS Interest Waiver
More Tax Topics
- Business Structures
- Start-up Costs
- Depreciation
- Car Expenses
- Home Office Deduction
- Travel Expenses
- Hiring Workers
- Meals and Entertainment
- Retirement
- Top Tax Myths
- Per Diem Rates - IRS Publication 1542 Oct 2011 for Travel Within the Continental U.S (for employers who pay a per diem allowance to employees)
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Updated for 2012
When the IRS May Waive Interest
The law does not permit the IRS to remove or reduce interest based on reasonable cause.
However, there is a situation when the IRS will remove interest.
The law requires the IRS to remove interest up to the date you were requested to repay an erroneous refund when:
- You did not cause the erroneous refund in any way, and
- The refund doesn't exceed $50,000.
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