by Sara Raby | Jul 16, 2026 | blog, Individual Tax
The IRS is changing how many taxpayers receive penalty relief. In IR-2026-83, released July 8, 2026, the IRS announced a new Automatic Exemption from Penalty, or AEP, that will replace the long-standing First Time Abatement process for eligible taxpayers. For years,... 
by Naz Nasseri | Jan 20, 2026 | blog, Corporate Tax Services, Individual Tax, Tax Credits
Tax penalties have existed since the early days of the U.S. income tax system. Their purpose is not primarily punitive, but administrative. The Internal Revenue Service uses penalties to encourage timely filing, accurate reporting, and prompt payment of taxes. Without...