Whenever a tax payer is caught by penalties and interest that can accrue on a tax debt, it can easily overwhelm them. On top of your original tax debt, penalties and interest can make your original liability stand still, regardless of your payments. How can you get through it? Having a company file a penalty abatement could be the answer to your question.
How does a penalty abatement work? When the IRS finds that a tax payer owes a tax debt, penalties and interest are automatically accrued on that debt. The addition of interest and penalties does not take into account any situation the tax payer might be in, their financial situation, or what they can actually afford to pay. Even in the event the tax payer has a legitimate reason that they’re unable to pay their tax debt, the IRS does not take it into consideration. They will continue to apply penalties and interest on the existing tax debt until the debt is paid in full unless a penalty abatement is approved.
You will have to file any taxes for the years you have not filed if you want to be considered for any kind of penalty abatement. Tax One Solutions can help you do that by helping you prepare your delinquent tax returns. Once all of the delinquent tax filings have been submitted, you can then begin to work on getting a penalty abatement provision from the Internal Revenue Service: Tax One Solutions will help you with the application process as well.
The Internal Revenue Service requires that you utilize their special forms in order to request any kind of penalty abatement. This form can prove complicated for the tax payer that has never had to work with extensive IRS documentation. What’s more, you will have to be fully prepared to illustrate reasonable cause for falling behind on your tax payments. The Internal Revenue Service has stringent guidelines on what can be considered a reasonable cause; such reasons may include, but are not limited to poor accounting, the death of close family members, alcohol/drug issues, theft and/or embezzlement, first time tax filer of new tax forms, a prolonged period of unemployment, natural disasters, destroyed/lost records, and additional reasons.
When seeking a penalty abatement you will have to prove to the IRS that you have attempted to make all payments with due diligence and that you have not acted neglectfully as well. Tax One Solutions aids you as you get your documentation and paperwork prepared. We ensure that you submit everything you need to in a timely fashion and as completely as possible. This will later ensure that upon review of your penalty abatement request you will be in a better position for approval.
Tax One Solutions strives to get your penalties and interest radically reduced if not entirely eliminated for you. If you have already paid on your interest, penalties, and tax debt and you get approved for the penalty abatement, the Internal Revenue Service will send you a refund of the interest and penalties you have already paid. Tax One Solutions maintains the necessary experience and expertise you need in order to get your penalty abatement request approved by the Internal Revenue Service. We know what it takes to get the documents and necessary proof in proper order, how to submit your application to the IRS, and how to make you feel less stressed throughout the process.
Tax One Solutions has a reputable history of finding solutions for your tax problems. Specializing in tax relief, Tax One can help you get your IRS tax debt resolved.