If you have tax debt with the IRS, you are most likely bracing yourself for what is coming next. The IRS collection process can be confusing and downright scary for someone who has never gone through the process. However, if you have an otherwise clean tax record, there could be a light at the end of the tunnel. The IRS will allow taxpayers to reduce or eliminate certain penalties and interest previously assessed under its abatement program. If you have tax debt and are unsure how to handle it, the professionals at Highland Tax Group can review your case and provide you with the guidance that you need regarding the IRS Penalty Abatement.
What Is Penalty Abatement and How Do I Qualify?
If you have made an error on your tax returns, you may have had a financial penalty imposed against you by the IRS. Some penalties are charged once, while others are charged multiple times until the error is fixed.
Penalty abatement is a form of relief offered by the IRS from these penalties. Abatement can significantly reduce the amount owed to the IRS, making your overall tax debt much more manageable.
There is a good chance that you will qualify for a first-time abatement program if you have a good history of tax compliance, meaning you have filed your tax returns and have not been assessed any penalties in the past three years.
You may also qualify for abatement if you acted in good faith, but something outside your control prevented you from meeting your tax obligations. In this situation, the IRS will review your specific tax situation on a case-by-case basis.
The Highland Tax Group can help you plead your case to the IRS and help the IRS understand why you should be granted a penalty abatement.
Highland Tax Group Has the Experience You Need To Handle Outstanding Tax Debt
Dealing with unpaid tax debt can be stressful. You need a strong, experienced team by your side to guide you through the process and, if necessary, negotiate a positive outcome. Call the Highland Tax Group to discuss your case with a member of our qualified tax team today.