What this means is that you as the taxpayer can get a total or part forgiveness of the money you owe to the IRS. Penalties alone can accrue up to 25% of the amount you owe. There are actually a number of cases where the IRS removes 100% of the penalty.
The IRS makes decisions on case to case basis, and this is very heartening as the reasonable cause can be anything as long as you can convince them of your inability to pay the tax and it also depends on your circumstances.
With a penalty abatement, you may be able to eliminate part or all of your penalties, but not the initial base tax amount that caused the penalties. Most of the time with an abatement, you will be able to eliminate the majority if not all of the penalties, but not the interest.
A penalty abatement can be right for you if you can pay the tax liability owed, but you believe you should not be held liable for the penalties incurred. If you apply for an abatement and it is accepted, it is expected that you then pay your tax liability in full.
We here at Tax Relief Providers, can assist YOU! If you are looking to abate your tax penalties, our professional specialists can analyze your unique tax situation and determine whether you have either reasonable cause or grounds to request the abatement of certain tax penalties.
In most cases, you must prove to the IRS or state that you have experienced an eventÂ or a series of events that prevented you from complying. If you have a legitimate reason for not paying or filing your taxes on time, the IRS is usually reasonable and will remove any associated penalties; however, any interest will not be removed.
In order to qualify, you must be very convincing that you should not be responsible for the penalties.
Below is a list of some reasons for not being responsible, this is not a complete list, but gives you a good idea:
* Major family problems that you can prove, such as a divorce
* Theft or destruction of your records
* A major illness
* Incarceration or a major disruption to your life
* Bad advice from a tax expert
* A disaster that was out of your control (Hurricane, wind storm, flooding, riot, etc.)
* Lengthy time of unemployment
* Death of a close family member
We can help….find out how. Call 1-888-877-1090.
Do you need Tax Relief?
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