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What is a Penalty Abatement?
With our help first-time penalty abatement (FTA) is possible and is the process where the IRS agrees to eliminate penalties from your tax debt. That consists of penalties for failure to file, failure to pay, and failure to deposit. The IRS might also remove interest related to those penalties.
Tax debt accumulates penalties and interest much faster than most people realize. If your debt is a few years old, you may see your liability increasing at a faster rate than you can pay. We can help reduce or remove these penalties if you are eligible for a penalty abatement.
Taxpayers can request relief from penalties. For the failure to file or pay a fine, taxpayers can ask the IRS to "abate" the penalties. Abatement is just getting rid of the penalties after they are assessed to the taxpayer. Failure to File (FTF) and Failure to Pay (FTP) fines usually require abatement due to the fact that the IRS evaluates these penalties in an electronic format (using its computer systems) when a return is filed, or a transaction is made on a balance due account.
Other fines typically require different techniques to request relief. For example, the estimated tax penalty is typically not "abatable" by the taxpayers. Rather, taxpayers can request an exclusion from the penalty when submitting their tax return (individuals use Form 2210).
Other penalties are advised during IRS audits and inspections. These consist of accuracy or fraud penalties, and typically require the taxpayer to deal with IRS auditors or appeals officers before the evaluation of the penalty. Taxpayers can request abatement of return accuracy penalties after they are assessed, however the abatement process may require using special IRS methods or taking the IRS to court. This can take years to resolve.
You might get approved for relief from fines if you made an effort to abide by the demands of the law, yet were unable to fulfill your tax obligations due to circumstances beyond your control.
If you received a notice, be sure to check that the information in your notification is accurate. If you can correct an issue in your notification, a penalty might not apply.
Penalties qualified for fine relief include:
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
Because of advancements in our technology, we are able to communicate with the IRS electronically, its as if we are in the same office! Faster service and more cost effective!
If you are not happy with our tax services within the initial 21 days, we will give you a 100% refund of services rendered, no questions asked! We help our clients nationwide!
You find it, we will match it! Tax Alliance will match and beat (by 10%) any competitive offer. Contact our office today and receive a free no obligation tax consultation.
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