The IRS has the authority to assess over 140 different types of penalties. A Taxpayer may seek relief from tax penalties through a Penalty Abatement.
What is a Penalty Abatement?
A penalty abatement is a written request to the IRS to remove penalties, and the interest accrued on such penalties, from your account.
How can you obtain a Penalty Abatement?
As a general rule of thumb, you may request an abatement of penalty if you show cause. The most common penalty abatement is based on “reasonable cause,” meaning that you faced a situation that was unforeseeable and beyond your control which caused you to fall behind on paying and/or filing your taxes. The IRS will consider any situation provided it meets the above requirements, but has provided several examples:
Medical problems, serious illness, or death;
Bad advice from a professional;
Theft or embezzlement; and
Fire, flood, or natural disaster
Taxpayers may also qualify for relief from penalties if there is an administrative waiver, correction of service error or a statutory exception.
We will assist you by examining your personal situation and determining if this is a viable option for you. If it is, we will put forward the strongest argument for forgiveness possible by using recent case law, applicable statutes, and the facts to show that you have good cause for an Abatement.