With our assistance 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 may also remove interest related to those penalties.
Tax debt collects penalties and interest much faster than many people realize. If your debt is a few years old, you may 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 just removing the penalties after they are analyzed to the taxpayer. Failure to File (FTF) and Failure to Pay (FTP) fines typically require abatement because of the fact that the IRS assesses these penalties in an electronic format (using its computer systems) when a return is submitted, 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 generally not "abatable" by the taxpayers. Rather, taxpayers can request an exclusion from the penalty when filing their income tax return (individuals use Form 2210).
Other penalties are recommended during IRS audits and inspections. These include accuracy or fraud penalties, and usually require the taxpayer to deal with IRS auditors or appeals officers prior to the evaluation of the penalty. Taxpayers can request abatement of return accuracy penalties after they are analyzed, however the abatement process could require using unique IRS methods or taking the IRS to court. This can take years to resolve.
You could get approved for relief from fines if you made an effort to comply with the demands of the law, yet were unable to satisfy your tax obligations due to circumstances beyond your control.
If you received a notification, be sure to check that the information in your notification is correct. If you can fix a problem in your notification, a penalty might not be applicable.
Penalties eligible 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.
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!