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Did you know that you may qualify for relief from penalties assessed against your back taxes by the IRS or by the state taxing authority If you can demonstrate to the IRS or to the state taxing authority that you were unable to timely file your tax return or timely pay your tax due to certain circumstances that were beyond your control that the IRS and the state taxing authority may deem to constitute reasonable cause to warrant the abatement of penalties?
If you have not been filing and paying taxes in a timely manner, the IRS or the state taxing authority will accrue interest on any outstanding tax balance and may assess penalties against any outstanding tax balance. Additionally, will also assess interest against any penalties that are outstanding, and that when the assessed interest and penalties are added to the tax you owe, your total tax balance will be significantly larger! If not properly dealt with, over a short amount of time, the amount of your total back taxes can increase dramatically!
Penalty abatement allows a taxpayer to request a first-time abatement (FTA) of certain penalties for a single tax period. Individual taxpayers may request either a FTA of a penalty for failure to file a tax return by the filing deadline date or a penalty for late payment of tax. Business taxpayers can request a FTA for either a penalty for failure to timely deposit payroll taxes a FTD penalty) or a penalty for failure to file a tax return by the filing deadline date or a penalty for late payment of tax.
Navigating these penalty abatement tax laws and regulations are best handled by an experienced team of tax experts. The team at Coast One Tax Group has extensive experience negotiating penalty abatement cases for our clients and thereby reducing the amount of money owed to the IRS and State Tax Agencies. Call us today for a free consultation to learn more and determine if you qualify.
If you owe $10,000 or more in back taxes to the State or IRS, the team of tax experts at Coast One Tax Group is here to help.