Penalty Abatement

Penalty Abatement

                       Penalty Abatement

What is penalty abatement?  It is a way to get rid of crazy penalties added to my tax bill!

In some cases, penalties can add up to approximately 25 percent of your total tax bill!

How did I get these penalties in the first place?  I filed my tax return late and I did not pay my tax on time!

But hey, if I can demonstrate to the IRS, or to some state taxing authority, that I could not help it, due to certain circumstances that were beyond my control, the Man will cut me some slack!

If I can explain that due to what the taxing authorities, call “reasonable cause”, I was unable to timely file my tax return or to timely pay my tax, the government may deem that I have established “reasonable cause” that may warrant the abatement (removal) of penalties!

What kinds of things constitute “reasonable cause” for penalty abatement?  Oh, if there was a death in my immediate family, or if I or someone in my immediate family was seriously ill, or if I was unable to file my tax return or pay my tax due to some natural disaster, such as living in a federally declared natural disaster area, or if I had lost my job due to the economy, or the theft or destruction of tax records, are a few examples.

Basically, some bad karma that you had no control over hit that prevented you from being able to file your tax return on time or pay your tax on time!

If you can qualify for a possible abatement of penalties through the IRS, most state tax authorities will most likely also qualify you for penalty abatement or for a waiver of penalties at the state level as well.

But do not wait for the IRS to review and process a petition for penalty abatement before submitting a petition for penalty abatement with the state.

If my petition asking for penalty abatement is granted then my tax balance will go down by the amount of the abated penalty or penalties, plus the amount of any interest that had been charged against the penalty!

Getting rid of crazy penalties can make it possible to get the remaining tax balance paid off in full sooner than if the penalties and the interest charged against the penalties had not been abated.

But if it is still impossible to pay the remaining tax debt in full, I suggest that you explain to the taxing authorities the circumstances that have prevented you from being able to either timely file your tax return or timely pay your tax and specifically ask for the penalty abatement option and ask if there are any assistance programs available?

Still struggling with your tax problem?  I suggest that you seek the assistance of a tax professional who can help you work through a resolution with the tax authorities.

A tax professional will determine if penalty abatement could be among the best options available to help you toward resolving your tax issue.



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4.8 out of 5 star

10 reviews

Jess T.
2019, July 30, 5:31 pm

Coast one Financial saw my family through

Coast one Financial saw my family through our entire settlement to the end! They did everything they promised, and got us a major settlement savings! My husband and I can\'t thank them enough!

2019, June 20, 1:42 pm

Coast one helped me out when I was up against the IRS

Coast one financial group helped me out when I was up against the IRS with a debt of close to $15,000. My ex husband left me in a bad place financially having lied on our last joint tax return. I also had some health issues that kept me from paying my taxes and instead paying for health insurance. Coast one handled all correspondence to and from the IRS as well as kept in touch with me throughout the whole experience. I settled for pennies on the dollar and can now resume my life tax debt free. I\'m so grateful for their help.

Donna S
2019, June 20, 1:31 pm

Coast one save me $34,000 in *** tax debt

Coast one save me $34,000 in *** tax debt the entire team worked me to get all info need for my settlement. I saw advertisement on tv for Coast One and had no I dead they could help me. We settled $440 great job guys!!!

Julie Churchill
2019, May 15, 1:43 pm

I was very happy

I was very happy with all people and quick responses. I would highly recommend this company

Cindy L
2019, May 3, 1:32 pm

My husband and I had about $40,000 in tax debt

My husband and I had about $40,000 in tax debt from some difficulties we had experienced a few years ago. The *** refused to make payment arrangements with us after we’d broken our past agreement following a job and personal losses. We’d seen these tax relief advertisements but wondered if it would work for us. I got an offer to help us by Coast One Financial Group.. I called them and left a message. An attorney called me back and asked if he told me for a few thousand (about $3000 I think) I he could help eliminate $10’s of thousands of dollars of *** debt. I said i’d Love to but didn’t have enough to pay them. He offered us a payment arrangement that we could afford and we did it. We ended up paying the *** $259.00 in exchange for eliminating $40900 of tax debt. We got the letter this week that our tax lien will be lifted within 30 days. This year we filed our taxes and paid them in full! What a relief and burden was lifted thanks to Coast One Financial and their attorneys. I would recommend them to everyone. They are amazing!

Reply from Coast1Tax :

2019, May 3, 1:32 pm

Thank you!

stephen k
2019, May 2, 1:59 pm

will tell many people to call

was very happy with the outcome will tell many people to call coast one for help and thank you.

Reply from Coast1Tax :

2019, May 3, 1:59 pm

Thank you!

Reginald G
2019, April 3, 2:00 pm

Coast One is the best hands down

Coast One is the best hands down, I would recommend Coast One to anyone who has any *** trouble. Everyone have had the up most respect for me situation and took time to walk me through it every step of the way until things was resolved properly. My hat goes off to the whole team. You guys rock

Reply from Coast1Tax :

2019, April 3, 2:00 pm

Thank you!

Cynthia K
2019, March 25, 2:01 pm



Reply from Coast1Tax :

2019, March 25, 2:01 pm

Thank you!

Ranting with Reg Hollywood
2019, January 15, 1:46 pm

step by step guidance

Thank you so much for your patience and step by step guidance, You guys are great and would recommend anyone who have a IRS problem to you guy. Thanks a million you guys rock. I appreciate everything you\'ve done

S. Atika
2018, August 30, 1:47 pm

I owed $44,000 and walked away paying $123 NO JOKE!

Coast One allowed me to have peace again. I was in debt over my ears and saw no way out. With a little time and patience they took me out of debt and gave me my life back. I owed $44,000 and walked away paying $123 NO JOKE! Thank you to the amazing team at Coast One!

Reply from Coast1Tax :

2018, September 1, 1:47 pm

On Behalf of Coast One, we thank you!

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