Tax Penalty Abatement

IRS penalty abatement refers to the reducing of penalties imposed on taxpayers who have failed to follow one or more provisions of the IRS Tax Code. They occur when taxpayers fail to file their tax return(s) on time. Accumulating tax penalties are usually a greater burden than the underlying initial tax payment itself.

Types of Tax Penalties

Overall, there are 5 types of penalties the IRS can exercise against you:

1. Accuracy tax penalties
2. Tax fraud penalties
3. Under payment penalties
4. Late or failure to file penalties
5. Combined penalties

Once the IRS targets you for tax penalties, it's important to take action to resolve your filing issues, as the IRS will continue to tack on penalties and interest the longer you ignore them.

Consequences of Tax Penalties

The IRS has many ways to collect unpaid tax penalties, simliar methods they use to collect back tax debt:

1. Tax Liens
2. Wage Garnishments
3. Bank Levys
4. Asset Seizures

Options for Tax Penalty Abatement

A professional tax resolution or tax attorney firm has the ability to evaluate your tax filing issues and negotiate a tax penalty settlement with the IRS, commonly known as a tax penalty abatement. Our team of licensed tax attorneys, enrolled agents, and CPAs have helped hundreds of taxpayers nationwide rectify tax filing issues, and negotiate a plan with the IRS to reduce and settle tax penalties and interest, and avoid any crippling IRS collection against your assets.