The IRS issues over 30 million dollars in penalties against individuals and businesses each year. Payment of the taxes alone can feel unreasonable, but to add penalties on top of that can make you feel the system is out to get you! The good news is we can review your specific penalties and see if you can qualify for some abatement (removal) of these unreasonable amounts. There are some tax laws available to allow the IRS to cancel penalties, so call today and our professionals will give you options that best fit your needs. If you can show that you have reasonable cause for filing the tax returns late, now just because didn’t have money isn’t generally a reasonable cause in the IRS eyes, however there are legitimate excuses or reasons that the IRS will accept as reasonable cause. Reasonable cause could be for example that you were sick or a family member was sick or you had some other physical or mental impairments that made it difficult to file on time, as such you may be able to wipe out the late filing penalties if can demonstrate this.
These late filing penalties can even be as high as 25% of the tax liability so eliminating these penalties, if have reasonable cause. It won’t hurt ask. Additionally, even if you don’t have a legitimate reasonable cause for filing late you may be able to abate the penalties for one year based on the first time abatement rule where IRS will still abate late filing penalties. Also if have penalties from your business for filing late the IRS may look at other reasons. Speak to Tax Law Center today to get your options on penalty abatement to see if you qualify.