Educational Tax Tip: Which IRS Forms Are Eligible for FTA Penalty Relief?

Did you know that First-Time Penalty Abatement (FTA) isn’t available for every type of tax form? The IRS only allows FTA for failure-to-file, failure-to-pay, or failure-to-deposit penalties on certain returns. Some of the most common forms include Form 1040 (individual), 1120 (corporation), 1120S (S-corp), 1065 (partnership), 941 (payroll), and 940 (unemployment). If your penalty is tied to one of these, and you have a clean compliance record, you may be eligible for relief.

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