Saturday, April 16, 2011

IRS Penalty Abatement For Your IRS Tax Debts


IRS Penalty Abatement is a good alternative if you have to pay back taxes along with added fees and penalties. This method can reduce the total amount owed by getting rid of some or even all the fees and penalties. However, you would need to qualify under the demands made by the IRS.

First you must establish "reasonable cause" which is your job as the taxpayer. Be persuasive in your attempt to get the IRS to believe you have a genuine reason for not filing you return and paying your Credit7. There is nothing that is carved in stone to present as reasonable cause. It should be something which is out of your control. Here are just a few examples of reasons why the IRS may consider penalty abatement for a certain individual.

A family member or even business partner passing away. Natural catastrophes such as fire, flood that caused destruction to your tax documents. Not being able to be present because of detention in another country, incarcerated, rehabilitation or other such issues.

Being mislead by a tax attorney or tax specialist. But be aware you will have to be able to prove that the specialist is educated in this field. Guidance directed at you that was undesirable by the IRS possibly by telephone or correspondence.

Specifications for IRS penalty abatement are less strict compared to other methods such as an offer in compromise. If you can convince the IRS you have reasonable cause, you have a good chance they will eliminate the penalties and added fees that have built up on back taxes owed. If the reasons for you not being currently up to date with your taxes are due to something beyond your control, the IRS will often grant your petition for penalty abatement.

IRS Penalty Abatement is a good alternative if you have to pay back taxes along with added fees and penalties. This method can reduce the total amount owed by getting rid of some or even all the fees and penalties. However, you would need to qualify under the demands made by the IRS.

First you must establish "reasonable cause" which is your job as the taxpayer. Be persuasive in your attempt to get the IRS to believe you have a genuine reason for not filing you return and paying your Credit7. There is nothing that is carved in stone to present as reasonable cause. It should be something which is out of your control. Here are just a few examples of reasons why the IRS may consider penalty abatement for a certain individual.

A family member or even business partner passing away. Natural catastrophes such as fire, flood that caused destruction to your tax documents. Not being able to be present because of detention in another country, incarcerated, rehabilitation or other such issues.

Being mislead by a tax attorney or tax specialist. But be aware you will have to be able to prove that the specialist is educated in this field. Guidance directed at you that was undesirable by the IRS possibly by telephone or correspondence.

Specifications for IRS penalty abatement are less strict compared to other methods such as an offer in compromise. If you can convince the IRS you have reasonable cause, you have a good chance they will eliminate the penalties and added fees that have built up on back taxes owed. If the reasons for you not being currently up to date with your taxes are due to something beyond your control, the IRS will often grant your petition for penalty abatement.

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