Many people don’t realize that the IRS charges a penalty of up to 25% just for filing your tax return late. You read that right. You will get hit with an additional 25% of what you owe if you miss the deadline for filing individual tax returns. It’s even worse for payroll tax returns. There are over 148 different types of penalties the IRS can assess – many of these penalties are substantial. The penalties can even exceed your tax liability! To add insult to injury, the IRS can also charge interest and additional penalties on the original penalty.
So what if we told you that it is possible to reduce your penalties to ZERO?
When we assist clients in penalty reduction or penalty abatement, we can often do just that. We can request that the IRS reduce your penalties to ZERO if you have reasonable cause. You may be wondering, “what’s reasonable cause?” In our experience in negotiations with the IRS, anything may qualify as long as it’s reasonable.
The only way for us to determine the extent of your penalties and to determine whether you may be eligible for a penalty reduction (or elimination), is to sit down with you and conduct a full tax account transcript analysis.
Call now to schedule your tax account transcript analysis so we can start you on your path to relief or request a free copy of our book, The Essential Tax Resolution Survival Guide.