TAX PENALTY AND INTEREST

Tax Service and Support for every State.

Tax Penalty and Interest Abatement

Tax penalties and interest can quickly escalate to an unmanageable amount. The IRS has guidelines on how this may be resolved quickly and easily.

The first and easiest way to abate a penalty is the “One Time Abatement” clause. If as a taxpayer, you have not incurred any penalties in the last 3 years, IRS will give you a courtesy abatement when asked.

If this is not possible, Current IRS rules allows for tax penalty abatement of tax penalties and of interest or of a refund when there were extenuating circumstances contributing to this problem. In order to accomplish this, we will need to show the IRS that you had “reasonable cause” for not paying your income taxes or filing your return.

 

What qualifies as reasonable cause? It depends on the circumstances involved. The IRS procedures for deciding who qualifies for tax penalty abatement and for what reason seem to differ in each case. As in many situations with the IRS, the directions are not clear and concise. The following are just a few of the more common reasons for penalty and interest abatement:

  • If you are involved in embezzlement or theft.
  • Fire, flood, or other disaster beyond your own control.
  • Bad accounting practice or bad tax advice.
  • Serious personal health issues.
  • Serious health issues of an immediate family member.
  • Death of a family member
  • We must show the IRS that you showed “due diligence” and “no neglect” in attempts file your return and to repay the income tax debt that you owe.

    TAX FILING REFERRAL COUPON

    VIEW SPECIAL OFFER

    Our 4 Step Process

    What We Do

    TAX SERVICES

    – Tax Filing

    – IRS Problem

    – IRS Debt Resolution

    – Income Tax Preparation

    – Offer in Compromise

    BUSINESS SERVICES

    – Bookkeeping

    – Payroll

    – Tax Planning

    – Business Planning

    – LLC’s, Corporations, Partnerships

    INDIVIDUAL SERVICES

    – Penalty Abatement

    – Delinquent Tax Filings

    – Tax Management

    – Consulting

    – Income Tax Preparation

    CONSULTING SERVICES

    – Rental Properties

    – Representation

    – Previous tax return preparation

    – Individuals and Businesses

    – Start a New Business

    Customer Reviews…

    Sandra King  

    I was referred to Sandi and her team for help with accounting matters in both my business and personal life by my good friend, a long-time owner of a successful company. I’m glad he did.

    King Financial Services, Inc. proved themselves to be trusted, experienced business advisers.

    – Brian P.

    Our Associations

    National Society of Accountants Logo
    Enrolled Agent in DFW
    Quickbooks Help for Business DFW
    National Association of Tax Professionals Member