IRS Replaces First Time Penalty Abatement With Automatic Exemption From Penalty (AEP)
The IRS has announced a major change to how it grants penalty relief to taxpayers with a solid compliance history. Starting in summer 2026, the agency will begin phasing out First Time Penalty Abatement and replacing it with a new program called the Automatic Exemption from Penalty (AEP). The change is designed to reduce paperwork […]