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If you fail to pay your back taxes, it can result in IRS penalties, and in turn interest that can compound over years and make your tax debt substantially larger than it initially was. Non-payment of this debt can then result in even more IRS penalties and interest, a levy on your wages or bank account, a lien against your property, or even a seizure of your assets.
IRS penalties can be applied for filing your tax return late or for paying your due tax late. The IRS penalty for filing late is generally 5 percent each month, or partial month, and can be up to 25 percent of the amount due on your tax return.
The IRS penalty for paying late is 0.5 percent per month, up to 25 percent of the unpaid amount that is due.
There are some situations and circumstances in which you can have your IRS penalties abated or eradicated either partially or in full for one tax year or multiple tax years. To submit this abatement request to the IRS, a taxpayer must have reasonable cause that is specific for each year and must be able to explain why the penalties should be removed.
In fact, there are six main reasons the IRS will accept for an abatement of IRS penalties. They include:
If you fit into one of these categories, Tax & Business Solutions may be able to help you stop the cycle of IRS penalties by using our Tax Team to negotiate an Abatement of IRS penalties for you.
Tax & Business Solutions | 5629 Fm 1960 West Suite 221, Houston, TX 77069 | Phone: (281) 781-7794 | Fax: (832) 201-0656 | email@example.com