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Category: Penalty Abatement

How Hiring a Tax Resolution Attorney Will Benefit You

how hiring a tax attorney will benefit you

  It is the right of the IRS to seek payment for debt you owe to the government, but it can be difficult going up against the IRS alone. Therefore, it’s in your best interest to take advantage of knowledgeable, experienced, and professional tax attorneys. Not only will you receive expert guidance, but it could… Read more »

What’s Considered Reasonable Cause for Penalty Abatement?

Penalty abatement

The IRS may grant penalty relief for reasonable cause based on all the facts and circumstances of your situation. This broad category of penalty relief can cover many different types of accidents or unexpected circumstances.

3 Types of IRS Penalty Abatement

tax penalty relief

  What is a Tax Penalty Abatement? Taxpayers with unfiled tax returns or unpaid taxes are often hit with the following IRS penalties: The failure-to-file penalty, which accrues at 5% of your unpaid taxes per month The failure-to-pay penalty, which accrues at 0.5% of your unpaid taxes per month In addition, you’ll be charged interest… Read more »

How Bankruptcy Affects IRS Collections

bankruptcy and the IRS

  Bankruptcy and the IRS Bankruptcy may temporarily delay collection activities by the IRS. However, some types of tax debt are not dischargeable in bankruptcy, so the IRS may be able to resume their collection efforts once the automatic stay is lifted.

How to Recover Damages for an IRS Error

Recovering damages from IRS

  Recovering Damages You may be able to recover economic damages if an IRS error ends up costing you money. However, the circumstances under which you can recover damages are quite limited.

What Is The First Time Penalty Abatement Program?

What is First Time Penalty Abatement

What Exactly is an IRS Penalty Abatement? When the IRS slaps taxpayers with a penalty for failing to file or failing to pay their federal taxes, there are certain steps a penalized party can take to resolve their issues. One of these steps is known as “first-time penalty abatement.” What is the first-time penalty abatement… Read more »

Understanding IRS Penalty Abatement & Reasonable Cause

IRS Penalty Abatement and Reasonable Casue

IRS Penalty Abatement And Reasonable Cause Being assessed a penalty by the Internal Revenue Service can be an overwhelming situation. Faced with potentially massive penalties a taxpayer’s financial future may seem bleak. Fortunately, there may be relief available. The IRS offers qualified taxpayers something called “penalty abatement.” But, what is and how is it determined?… Read more »

Can You Still Face Penalties If You Get a Tax Filing Extension?

tax return extension

Reasons for Requesting an Extension There are two major reasons taxpayers request a six-month extension to file their tax returns: • They waited until the last minute, and now they don’t have enough time to file their return. • They can’t afford to pay their tax bill. While the IRS will give all taxpayers an… Read more »