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I received a notice about unreported income in 2021, but I'm sure I reported it, especially regarding stock taxes. I'm willing to pay the IRS taxes, but there's an additional $4k in interest and fees. Is there a way to have those charges removed? Can the $10k owed be rolled over into my 2023 taxes?
I received a notice about unreported income in 2021, but I'm sure I reported it, especially regarding stock taxes. I'm willing to pay the IRS taxes, but there's an additional $4k in interest and fees. Is there a way to have those charges removed? Can the $10k owed be rolled over into my 2023 taxes?
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Robert James, 20+ years of experience in IRS mattersAnswered on October 07,2023
They will not waive interest on the tax, but you may get the penalty abated through "First Time Abatement" or "Reasonable Cause". Then, the interest on the penalty, is also abated.
Use a Form 843.
You can't "roll it into 2023 taxes", per se. You can have a balance due for 2023 and 2021 and combine them for a single installment agreement. Just remember though that penalties & interest will continue to accrue.
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