If you have an IRS liability, then you know the Internal Revenue Service loves to add penalties and interest on top of your unpaid taxes and watch it grow. But did you know that there is an option to have penalties removed? It’s like that saying “If you don’t ask, the answer is always no.” While there is no guarantee the IRS will grant you a penalty abatement it is in your best interest to try. If you need IRS penalty relief, call us at 844-841-9857 or click on the CONTACT US button below to fill out a contact form. We can help you determine the best plan to tackle your IRS liability and penalties!
You may have a penalty assessed for many reasons. As a matter of fact, the IRS has the ability to assess over 140 different penalties. While we always recommend that you pay your taxes on time, life’s troubles can often prevent that from happening. When life throws you a curveball, you can file a Penalty Abatement Request. Many circumstances will fall under reasonable cause. Some of these include:
- Death in the family
- Serious illness
- Unable to obtain records
- Incorrect advice from a tax adviser
- Fire, Tornado, Flooding, or other natural disaster
This is not a complete list because there are a multitude of reasons that could fall under reasonable cause depending on your circumstances. But the Internal Revenue Service is not going to automatically give you IRS penalty relief – you must ask! Around one-third of all penalties imposed by the IRS are later abated, meaning you might have more of a chance to have your penalties abated than you previously thought.
Abatement can help you get rid of the penalties imposed on you when you were unable to pay taxes. Most penalties are incurred on unintentional infractions frequently caused by incorrect advice or financial constraints on the filer. The following three penalties make up a total of 74% of all IRS penalties, and we have the knowledge and experience to help you challenge them:
- Failure to deposit penalty — 7%: This penalty applies to businesses that have not paid employment taxes by the deadline or have filed them incorrectly.
- Failure to file penalty — 14%: This applies to all who fail to file their taxes before the annual or quarterly deadline.
- Failure to pay penalty — 56%: This relatively common penalty is imposed on those who fail to pay their taxes before the annual deadline.
Many taxpayers may also qualify for a First Time Penalty Abatement if this is their first time having overdue taxes. The First Time Penalty Abatement waiver helps those who have clean IRS compliance histories for the past three years and have accrued penalties due to failure to deposit, failure to file or failure to pay. No matter how high your penalty amount is, we can still help you file a First Time Penalty Abatement.
Get Relief for IRS Penalties
If your liability spans multiple years, you will want to use this penalty relief on the largest penalty you can. Your chances of getting a Penalty Abatement approved are much higher if you hire an experienced tax professional – let us help you!
Contact us today by calling 844-841-9857, or by filling out the Contact Form below.