Not only does the IRS charge you penalties for falling behind on your taxes, but the IRS also has the power to charge interest on top of the penalties. This is why it’s so important for you to take action — because delaying action gets more and more expensive the longer it takes.
The Fresh Start Initiative and the Offer In Compromise program can stop penalties and interest and even reduce the amount of money you owe. Consult with a tax professional to see if these options are available.
There are other options for having penalties and interest removed.
Penalties Eligible for Relief
Penalties eligible for penalty relief include the failure to file and failure to pay penalties; penalties for dishonored checks, and the penalty for the underpayment of estimated taxes.
Types of Penalty Relief
The types of penalty relief include the “first-time penalty abatement” and relief for reasonable cause. For these types of relief it becomes important how you ask the IRS for help and again asking a tax professional for guidance can be very helpful.
How to Request Penalty Relief
If you think you can handle a request for relief yourself follow the instructions in the IRS notice you received.
Some penalty relief requests may be handled over the phone. But there is free help available from our tax professionals.
Some penalties can be reduced or eliminated with a phone call while others are more complicated.
Be realistic. Your tax problems might have been caused by something you did before, so do you think getting out of tax trouble is something you should tackle on your own?
Take advantage of free consultations with tax professionals when you can.
Take our FREE Tax Relief Survey to learn more about how you may qualify.
How To Get Started
Don’t miss an opportunity to resolve your IRS tax debt once and for all.
- Claim a FREE CONSULTATION with a TaxReliefInfo Verified Partner to review your situation and determine if you are a strong candidate for an IRS resolution.
- Choose the best resolution option for you and your unique situation.
- Resolve your IRS tax debt once and for all!