If you are looking to abate your tax penalties, our partners can analyze your unique tax situation and determine whether you have either reasonable cause or the grounds to request the abatement of certain tax penalties. In most cases, you must prove to the IRS or state taxing agency that you have experienced an event – 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. The IRS is relatively flexible in terms of what it accepts as a legitimate reason and has historically accepted a wide variety of reasons.
To abate tax penalties you must submit the correct paperwork, letters and necessary attachments as proof of the event or events that have occurred. To increase the chances of your penalty abatement filing being accepted, it is strongly recommended that you work with an experienced tax professional who has familiarity with these filings and knows exactly what the IRS is looking for.
It is typical for tax penalties to make up a significant portion of a taxpayer’s liability, and the removal of these penalties can drastically reduce a taxpayer’s outstanding tax liability. The IRS will accept most abatement requests that contain reasonable explanations. With a professional tax resolution firm on your side, you can be assured that you are working with a team that is not only experienced with penalty abatement but as well other tax resolution options like payment plans, settlement options, and so forth.
Our tax professionals will conduct in-depth financial analyses and establish the best plan of action for your unique situation. These tax experts have been trained to determine whether or not you qualify for any tax settlement alternatives – or a combination thereof – that might possibly afford you a better financial outcome. A tax professional will be able to file and manage all required dealings on your behalf through power of attorney. You will receive updates on the status of your case throughout each step of the process.
Many tax resolutions are based on various formulas and complex procedures, but each resolution and settlement is determined on a case-by-case basis. Since the IRS wants to collect as much money as possible, they do not always make it easy for average taxpayers to understand the settlement options available to them. Our partner tax team is comprised of tax professionals who have a variety of different backgrounds and areas of expertise. This diverse team structure was created to offer our clients the best help possible and to ensure an efficient and effective service that will give you the most value for your money. To avoid risking the loss of financial freedom, time and money, it is important to choose an experienced tax firm to represent you.
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