IRS Tax Penalty Abatement
Tax penalty abatement solutions for Denton and Collin county taxpayers facing IRS 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 (settlement) 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 back taxes, and avoid tax delinquency moving forward.
Understanding 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.
Maddi Benedict - Enrolled Agent
Do You Need Tax Penalty Abatement?
Often times, taxpayers facing IRS penalties and interest are unable to pay off their debt in a lump sum. If you are an individual or business owner in the Frisco area struggling with tax penalties, there are options for relief that we can pursue for you. Our licensed tax resolution experts have negotiated dozens of affordable payment plans with the IRS, allowing our clients to address their tax debt in manageable monthly payments. In some cases, we can even reduce your balance all together! We are eager to evaluate your case for you and offer realistic solutions to settle your tax penalties and interest.
LEARN MORE ABOUT OUR TAX PENALTY ABATEMENT SERVICES IN FRISCO
We offer free consultations, superior customer service, and flat-rate fees for all of our tax resolution services. Contact us today to speak with our President, Tim Halcomb for a FREE consultation.
