They say “Nothing is sure in life but death and taxes”, however not every tax debt or penalty is set in stone. There are many instances that you may be relieved of debts and penalties in the form of an IRS penalty abatement.
If you don’t believe that you should be required to pay certain federal penalties or interest, you may apply for IRS penalty abatement. If you qualify and are approved, the IRS will remove all of your penalties.
The IRS isn’t going to waive penalties and significant tax debt for just anyone—there are some strict guidelines in order to qualify. To get approval, you will need to prove to the IRS that there is reasonable cause for filing or paying late. Things like natural disasters, medical expenses, and other emergencies are typically acceptable reasons. In some cases, you may qualify if the IRS made a mistake on your return, or delayed your return. The IRS may give you bad advice that leads to penalties; if you have this advice in writing, you may also use it to apply for an abatement.
If you feel that the IRS has assigned penalties to your taxes or returns that you deem unfair, don’t hesitate to call Keystone Tax today. Our team of qualified tax representatives is standing by to assist you with any and all of your tax related needs and questions.