Interest and penalties may be waived or reduced in extraordinary circumstances, such as those involving natural disasters or serious illness.

Question

Quizplus · Accepted Answer

This statement is true. The IRS has the ability to waive or reduce interest and penalties in cases of extraordinary circumstances, such as natural disasters or serious illness. However, taxpayers must request relief and provide documentation to support their claim.

Interest and Penalties May Be Waived or Reduced in Extraordinary