July 15, 2012

Penalty Abatement?

So what exactly is penalty abatement? Well, it is when your IRS penalties are dismissed because you had good reason for not paying your taxes. A reasonable tax debt can become astronomical when you include IRS penalties and interest. However, it is possible to remove them through penalty abatement and a good tax attorney


Common reasons include:

  • The death of a family member
  • Serious health issues
  • Erroneous financial advice
  • Natural disaster victim
  • Lost or destroyed records
  • Theft of funds, including embezzlement
  • Divorce that deteriorated your financial condition
  • Unemployment
  • Retired or fixed income
  • Acting as a caregiver causing financial strain

If you call a good tax relief service, they will consult with you and find a way to get your penalties abated. Remember to read up on how to choose the best tax relief service and picking very wisely. I recommend starting here.

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