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Posts Tagged ‘irs penalty abatement’

What is Penalty Abatement?

October 20, 2014  |   Tax Advice,Tax News   |   Tags: , ,  

Owing a tax debt to the IRS is headache enough. Penalties make resolving a tax debt seem like fighting an uphill battle. A tax debt that might have been paid off with a bonus or an extra job during the holiday season can suddenly seem impossible to ever pay back when the following is added onto them: Failure to File Penalties ranging from 5% to 25% of the tax debt of that particular tax return Failure ...

Penalty Abatement of taxes

September 02, 2014  |   Tax News   |   Tags: , ,  

Ideally, cooperation with the IRS by filing and paying your taxes on time is advised for a tension and penalty free tax life, but if you haven’t, do not panic. Penalties can still be abated if you have a “reasonable cause”. The IRS files penalties for filing a tax return late and/or failing to pay taxes you owe by the deadline. Generally failure to file tax returns calls for a greater penalty than failure to ...