If you have not paid taxes and related penalties, or even not filed tax returns, you could be relieved of IRS tax penalties and interest in the form of an IRS penalty abatement. The main way to attain penalty abatement is to show that the failure to comply was due to reasonable cause. Under this IRS penalty abatement program, you can get a reduction or removal of penalties and interest charged on your tax debt. Showalter CPA is here to help you make a request for penalty abatement.
Important Information about IRS Interest and Penalty Removal
If you have unpaid taxes, the tax debt you owe the IRS increases with every new month by adding more IRS penalties and interest. Any tax debt that is not paid in full by the tax filing deadline is subject to those penalties and interest. IRS penalties can add up and compound very quick. These penalties and interest are typically charged to encourage taxpayers to pay their tax debts in full as early as possible. The longer you wait, the bigger your tax liabilities continue to grow. You may qualify for IRS penalty abatement if you did not file returns, pay taxes, pay penalties, or pay interest because of a situation that was out of your control.
If you need help requesting IRS penalty abatement for failure to pay, failure to file, or failure to deposit penalties, you should get a free consultation with Showalter CPA. We help you figure out whether you should apply for penalty relief depending on your individual circumstances. The IRS and State both increase the amount a taxpayer owes by adding penalties and interest to the unpaid tax. In many cases, a taxpayer could pay the tax, but thanks to the penalties and interest, the ever-expanding balance quickly becomes unmanageable. Penalties and interest might be reduced or eliminated if you can demonstrate reasonable cause and prudent action. We may be able to pair your Penalty Abatement with an Installment Agreement or an Offer in Compromise and get you back on track with the IRS.
To ensure the request for penalty and interest removal is successful, we will create an estimate of your IRS tax penalties and interest, assess the facts about your financial situation, evaluate the circumstances that prevented you from paying your tax debt and create a solid plan to get the best IRS penalty abatement resolution possible. After we get the IRS penalties and interest removed, we will help you settle your tax debt through either an Offer in Compromise or an affordable tax payment plan that suits your financial situation.
Once you become our client you will not have to speak to the IRS anymore. If they want information or to talk to you, they will have to go through us. The first step to getting tax problem help is calling us at (605) 646-3585 and scheduling a free, no obligation case evaluation with a Certified Public Accountant. During this meeting, we will discuss the details of the case and make plans to start the investigation phase of your case by gathering information, pulling transcripts, and finding out what the IRS knows about you.
The Dreaded Letter from the IRS
If you have received a tax notice, IRS letter, audit notice, or other tax correspondence from the IRS, a state agency, or a local agency, it can be difficult to know what to do next. We frequently represent clients with IRS penalties, interest, and taxes due, and we can help you, too. We have worked on items such as IRS Offers in Compromise and Penalty Abatements.
The Tax Help You Need
If you are ready to face your tax problems, we are here for you. We can help you relieve that huge stressful burden, so you feel lighter and free from all that stress. Do not face your tax issues alone. Our trained and certified tax professionals work diligently to find the best outcome we can on your tax issues. Turn to the Showalter CPA Firm, and let us put our tax resolution services to work for you. Call now for more information or to schedule a consultation at (605) 646-3585.
The Penalty and Interest portion of IRS tax debt can be quite significant in many tax debt cases. If you are facing penalties for not filing or paying your taxes on time, you may be able to get those penalties removed through penalty abatement or penalty adjustment. Abatement refers to eliminating an assessed tax liability and an adjustment refers to reducing or altering an assessed tax liability.
If there is a reasonable cause for abatement or adjustment, the IRS may be willing to review the penalties which created a tax liability. Reasonable cause could be that you lost your paperwork, or it was stolen from you by a spouse or a disgruntled former partner. Reasonable cause could be that there was a death in the family, or you were a victim of a crime.
We can work with you to make payment arrangements that the IRS will allow. If there were circumstances beyond your control that prevented you from paying your tax debt and led to delinquency, we can challenge the penalties and interest that have built up. Relief from penalties falls into four different categories: Reasonable Cause, Administrative Waivers, Statutory Exceptions and Correction in Service Error.
We have the education and experience to provide tax penalty abatement in your tax debt case. We would love to discuss your options with a free tax consultation at 605-646-3585.
We are proud to have successfully served tax resolution clients in the following States
Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico