IRS: Penalty Abatement
Penalty AbatementREMOVING IRS PENALTIES
If you don’t file your returns or pay your tax on time, the IRS will add penalties and interest to what you owe. Sometimes the penalties and interest add up to more than the original tax liability. They continue to accrue or grow until the problem is resolved or the balance is paid.
The good news is that we have been very successful at having penalties removed or abated, especially when there are extenuating circumstances. And the best results have been for people who work in industries that were wiped out by the recession such as real estate, construction or mortgage lending. Others they consider are those who have had bad events happen in their lives like illness, etc. Our opinion is that it can’t hurt to ask for a break! Call us.
A good example is Tom. He worked in construction and made a very large income. When the housing crash hit, he was put out of work so pulled money out of his retirement accounts to survive. This caused very large tax bills to accumulate over several years. When he finally came to us, we were able to get $80,000 in penalties abated. Another happy client!
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