IRS Tax Penalty Abatement - Serving Frisco, TX
We offer IRS tax penalty abatement solutions to Denton and Collin county taxpayers facing tax penalties and interest
Are you a local taxpayer of the Frisco-area victimized by accruing tax penalties and interest? If so, there are options for tax penalty abatement available for you. Along with your outstanding tax debt, the IRS will continue to accrue growing tax penalties and interest, and it won't stop until you take action. By pursuing professional help for your tax penalties, you are putting yourself in the best position to settle, reduce, or even eliminate your tax penalties. Our dedicated team of tax attorneys, enrolled agents, and CPAs have helped hundreds of Texas clients address and settle their tax penalties, eliminate their back taxes, and avoid tax delinquency moving forward.
The Nature of IRS Tax Penalties
There are over 140 individual IRS tax penalties that are enforced against local taxpayers. These penalties tend to fall within 5 key categories:
- Accuracy Penalties
- Fraud Penalties
- Underpayment Penalties
- Late Filing/Failure to File
- Combined Penalties
Surprisingly, one of the more harshest penalties imposed by the IRS is from failing to file. With that being said, at the very least you should always file your taxes on time. But naturally, if you file your taxes incorrectly, you will still be subject to tax penalties and interest. The “failure to file” penalty begins at 5% of the amount of tax owed the day after a tax return is due, and can reach as much as 25% of the total tax due after 5 months. Of course, the penalties for fraud are quite severe but less common, reaching up to 15% per month, with a maximum tax penalty of 75% of the amount of tax owed. In the more extreme cases where the violation is severe or your tax debt is substantial, there is a possibility for criminal prosecution.
Seek IRS Penalty Abatement Today
If you have tax penalties and interest as a result of your back taxes, there is no better time than now to take action and settle them. We are available to speak with you today and offer an IRS tax penalty abatement strategy catered to you. Contact our President, Tim Halcomb, for a free consultation today.
The Pure Tax Resolution team