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Qualifying for an IRS Penalty Abatement

Wednesday, December 14, 2011
Do you have a tax liability that’s been hanging over your head for a while? The longer it hangs, the heavier it grows with added penalty and interest charges from the IRS. The longer it remains a liability, the larger it grows. Find out if you qualify for IRS penalty abatement so you can take care of all those fees. The IRS Penalty Domino Effect Like a domino effect, your back tax liability began with your filing and/or paying your taxes late. As time went on, the IRS penalty and interest charges grew. You may have been unaware of the charges that were added to your tax liability. The problems continued to escalate, creating a huge tax liability. Can this situation be reversed? Unavoidable Circumstances As an individual or a business owner, you had circumstances that may have been unavoidable. These circumstances may put you in a position to get those IRS penalty charges removed. What are the circumstances that the IRS considers legitimate excuses in order to qualify for penalty abatement? • Being hospitalized or diagnosed with a serious illness • Family crisis, such as a divorce or death in the family • Destruction or theft of records • A personal duress • Bad legal tax advice • Unemployed for a long time • A major disaster, such as a flood, etc. • Business partnership gone bad If you believe that you have reasonable cause for IRS penalty abatement, you may want to get in contact with a reliable and experienced tax attorney. Besides all the paperwork that will have to be filed with the IRS, there are plenty of other details that the average taxpayer may overlook. Finding such an attorney is possible with MyTaxAttorney. Penalty Abatement Steps There are various types of IRS penalty charges, based on the reason for the penalty. Penalty charges range for half a percent to 25% of the total tax liability and, in some cases, a lot more. If penalty charges are not addressed, the taxpayer could face more serious threats from the IRS, such as increased fines, a bank or wage levy, a seizure of personal property, or even the loss of a home or business. Therefore, addressing the matter of your back taxes is of upmost importance to avoid further tax problems. One of the first steps in addressing your IRS penalties and tax situation is to contact a reputable tax attorney in seeking advice about an IRS penalty abatement. Attempting to resolve a tax abatement issue on your own can be very difficult for the average taxpayer to handle alone. With the reputable law firm of MyTaxAttorney, you can obtain a free tax analysis of your personal situation with the IRS. You’ll receive one-on-one attention and will be offered several options to get your tax liability lowered, besides beginning the process of an IRS penalty abatement. MyTaxAttorney can handle all the details in successfully representing your case before the IRS so that your assets will be protected and your rights as a taxpayer will be preserved. Choose only the best; choose MyTaxAttorney to fight for you. IRS Resources – IRS Penalty Abatement For more helpful information regarding IRS Penalty Abatement, read the instructions for the relevant IRS Form 843, Claim for Refund and a Request for Abatement. Also, doing a search online at Google will provide you with a wealth of answers to various questions you may have that vary by state regarding IRS penalties and abatement. See the Beverly Hills Bar Association for more help.