Tax Penalty Abatement
Did you know that the IRS allows tax penalty abatement for penalties and interest or a refund if you experienced extenuating circumstances that prevented you from filing your tax return? To qualify for abatement, you must show the IRS that you had a “reasonable cause” for not paying your income taxes based on the facts and circumstances of your case.
Here are some of the most common reasonable causes for abatement:
- Embezzlement or theft issues
- Unforseen diasters (fire, flood, hurricane, etc)
- Relied on poor accounting practice or tax advice
- Serious personal health conditions
- Serious health conditions of an immediate family member
- Death of a family member
You must proof to the IRS that you did your “due diligence” and was not "negligent” in attempting to repay the income tax debt that you owed.
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