Penalty and Interest Abatement
What You Should Know
Taxpayers facing large tax liabilities often see their debts increase significantly due to added penalties and interest. The IRS often applies various penalties and interest to outstanding tax liabilities making it more difficult for taxpayers to pay their back taxes. These penalties are mandated by the US Tax Code (IRC) and are most commonly assessed against taxpayers for nonpayment or underpayment of taxes, failure to make payroll tax deposits, and failure to timely file a tax return. In addition to interest that accrues on any unpaid tax, interest is also charged on the penalties themselves.
How We Can Help
As your power-of-attorney, we will review your tax transcripts to identify which penalties and interest have been assessed against you and, if applicable, seek a full or partial abatement of penalties and interest resulting in an overall lower balance due. In additional to removing penalties and interest from your account, we will use our Preventative Approach℠ to ensure you have the knowledge and information you need to prevent penalties and interest in the future.