One-Time Abatement of $5,000 Frivolous Filing Penalty Announced

Taxpayers who have filed all required tax returns and paid all outstanding tax liabilities, including penalties (except for the Sec. 6702 penalty) and related interest, may qualify for a one-time reduction to $500 of any unpaid penalties that the IRS has assessed.

Source: http://feedproxy.google.com/~r/AICPA_Tax/~3/vTQraDzOcgM/20121106.aspx

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