Are you late filing or paying your taxes? Are you concerned about penalties? Has the IRS contacted you about late taxes? If you answered yes to any of these questions, you are not alone. Late filing or payment of taxes typically causes severe penalties from the IRS. However, certain circumstances can cause the IRS to… Read more »
Tag: penalty abatement
How to Reduce Your Payroll Tax Penalties
Unpaid payroll taxes can result in penalties against you and your business. If you have a valid reason as to why the taxes were not paid, the federal agency may consider waiving or reducing your penalties. With the guidance of your tax attorney, you can try to get your penalties abated. There are a few… Read more »
What’s Considered Reasonable Cause for 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
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 »