A penalty abatement would allow you to eliminate part or all of the penalties or interest. It will not reduce the original tax liability. Typically, if a taxpayer qualifies for penalty abatement it will eliminate the majority of the penalties but not the interest. However, this can be a considerable burden that the taxpayer can be relieved of since penalties can be a substantial amount of the tax liability owed.
Typically, a penalty abatement will be considered if there were factors or circumstances that were beyond your control. This could be:
If the IRS grants penalty abatement, it is expected that you will pay the tax liability.
If the above circumstances apply to you or if they do not but there are other circumstances or factors that should be considered, an abatement might be a choice for you.
Please contact us at 888-894-2005 or fill out the Free Evaluation form below if you would like further information or to see if a penalty abatement would be an option for you.
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