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Another effective program for reduction of an outstanding tax debt is a Penalty Abatement. A major portion of a delinquent tax debt can be penalties and interest. Penalties and interest alone can increase a moderate tax challenge into a major ordeal. If there were circumstances beyond your control that prevented you from paying your tax debt and led to delinquency, we can challenge the penalties and interest that have built up and negotiate them down.
Relief from penalties falls into four separate categories.
They are:
1- Reasonable Cause
Mistake made by the taxpayer, ignorance of law,
death, serious illness, unavoidable absence.
2- Statutory Exceptions
Simple or complex legislative tax code changes.
3- Administrative Waivers
Undue hardship, fire, flood, natural disasters,
bad tax advice.
4- Correction of Service Error
Mistake made by the IRS.
Penalty abatement is based more on statements rather than financial hardships and terms for successful penalty abatement are very specific.
More than any other program, penalty abatement involves a great deal of skill and experience with IRS protocol to bring resolution. When applied for correctly penalty abatement results can be substantial and savings are usually thousands of dollars for the average taxpayer. Our staff of tax experts have years of experience and know the ins and outs of this program.
Our tax experts at PREFERRED Tax Relief will determine if you meet the qualifications for penalty abatement. If you qualify, our Tax Experts will prepare all the forms and represent you throughout this complex process of filings and negotiations with the IRS.
Speak with one of our tax specialist, call NOW!
1-800-257-1599
PREFERRED Tax Relief
Protecting Your Tomorrow, Today!
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