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IRS Penalties: Why, What, When and Who

Call us at: 631-244-1650

Call us at: 631-244-1650

1: Why Does The IRS Issue Penalties?

• The IRS imposes tax penalties for many reasons.

• There are over 148 IRS penalties. Usually penalties are monetary in nature.

• Penalties involving forfeiture of property or even jail are not uncommon.

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2: Some Of The Common Reasons that Taxpayers Face IRS Penalties Include

• Late filing penalties.

• Late payment penalties.

• Accuracy related penalties.

• Trust Fund Recovery Penalty.

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3: What Is IRS Penalty Abatement?

• IRS may remove or reduce a penalty or interest imposed on a taxpayer.

• This process is known as Penalty Abatement.

• Many taxpayers seek this type of tax relief.

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• There must be a legitimate reason for making the request.

• Tax Payers must have their case well documented and substantiated.

• IRS does not charge a fee as they do in other circumstances.

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4: When Are IRS Penalties Abated?

• The IRS grants penalty abatement for the following reasons:

• Reasonable cause - Death or prolonged unemployment.

• IRS fault - An error or delay that led to a correction.

• Administrative waiver - Government directive.

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Statutory exception - Change in the Internal Revenue Code.

The IRS resolves less than half of penalty abatement cases in favor of the taxpayer.

Interest abatement cases are even more difficult to resolve.

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5: Who Should The Taxpayer Seek Advice From?

• IRS rejects these types of requests as a matter of due course.

• Seek the help of a tax problem expert for a favorable resolution.

• Contact an experienced certified Enrolled Agent or Tax Attorney at Long Island Tax Resolution Services.

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Give us a call - 631-244-1650

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