Many times it’s not the back taxes that are the real problem. It’s the penalties and interest that can accrue – these can become a serious problem for many people facing tax liability issues. Compounding over many years, these problematic penalties and interest can create a sky high tax debt – sometimes even bigger than the initial amount owed.
The problem for most people in this situation is they wait too long or try to wish it away – all the while, it gets worse. The best thing to do is to get professional help with what’s called "abatement of penalties" which requests the IRS to eliminate certain penalties on a taxpayer’s account.
When submitting “an abatement of penalties,” the taxpayer needs to have ‘reasonable cause’ and must be able to explain why the IRS should grant the penalties to be removed.
People may face paying IRS penalties and interest due to:
Most of these penalties and interest situations happen due to errors in filing returns and making the actual tax payments. If you have any doubts when putting together your taxes, its best to get professional help so you have the best chance for success in removing the IRS penalties you have been assessed.
At the law office of Eric Lundquist, we have years of knowledge and experience with penalty abatement. Dealing with owing IRS penalties and interest can be one of the most stressful times of anyone’s life; don’t handle it alone – get a tax attorney who specializes in tax law and helping people get rid of tax problems.
Don’t delay in seeking help. Your rights as a taxpayer can be waived if you fail to take timely action.
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