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With our assistance first-time penalty abatement (FTA) is possible and is the process by which the IRS agrees to eliminate penalties from your tax debt. That includes penalties for failure to file, failure to pay, and failure to deposit. The IRS may also eliminate interest related to those penalties.
Tax debt gathers penalties and interest much faster than most people realize. If your debt is a few years old, you might see your liability growing at a faster rate than you can pay. We can help reduce or eliminate 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 simply removing the penalties after they are assessed to the taxpayer. Failure to File (FTF) and Failure to Pay (FTP) fines typically require abatement due to the fact that the IRS assesses 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 generally require different techniques to request relief. For instance, the estimated tax penalty is typically not "abatable" by the taxpayers. Instead, taxpayers can request an exclusion from the penalty when filing their tax return (individuals use Form 2210).
Other penalties are suggested 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 prior to the evaluation of the penalty. Taxpayers can ask for abatement of return accuracy penalties after they are analyzed, however the abatement process would require using special IRS methods or taking the IRS to court. This can take years to resolve.
You may get approved for relief from fines if you made an initiative to comply with the demands of the law, but were unable to fulfill your tax responsibilities because of circumstances beyond your control.
If you received a notification, be sure to check that the information in your notification is accurate. If you can fix an issue in your notice, a penalty may not be applicable.
Penalties qualified for fine relief consist of:
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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