Penalties and Interest
We've saved our clients thousands in taxes, penalties and interest
Each year, the IRS issues over thirty-four million penalties against individuals and businesses. Revenue from these assessments is often in excess of $15 billion. As a result, this is one of the largest sources of continuing frustration for citizens. Every year, the Taxpayer Advocate's Annual Report to Congress places penalties high on the list of the twenty most serious problems faced by citizens. A survey by the IRS of tax professionals shows that professionals consider penalties to be the fifth most serious problem faced by citizens. Fortunately, there is a simple and highly effective method of dealing with penalties. Unfortunately, the IRS does not often tell the truth about the procedure.
For those who have tax debts, it is no secret that the IRS will quickly asses penalties and late fees. The interest, though reasonable, still accumulates at a significant rate and can add to your overall liability and make it harder to pay the IRS back. If you have a large amount of back taxes, and the original balance was much lower than it is currently, penalty abatement may be a good option for you.
Interest Abatement
To make matters worse, interest on a tax bill often doubles, triples--even more--the debt. And this is one area where the IRS flat lies about one's right to deal with the problem. IRS publications declare that interest is always added and can never be canceled from a delinquent debt. While that is true in many cases, it is not a universal rule. There are several circumstances under which interest is legally subject to cancellation. Please see some of the examples where we have eliminated up to $100,000 in interest for a single client.
Penalty Abatement
Penalty abatement allows an individual to dispute interest and penalties for a certain period of time based on several reasons:
The IRS is coming after people and companies who owe back taxes with renewed vigor.
A Few Facts:
Here are More Convincing Facts:
Please click on the examples below of how we have saved our clients thousands in taxes, penalties and interest. Contact us today to get the IRS off your back!