Penalty Abatement

Perhaps you are one of the many taxpayers that were affected by tax penalties from the IRS primarily because you fell behind on your taxes. If so, you’re not alone. In 2003, the IRS issued over $18,000,000,000.00 (billion) in penalties! If you were one of those taxpayers who have been struck with penalties you can request penalty abatement. In fact, you may not have to pay the penalties if you had a good reason for not filing or paying the tax.

What does penalty abatement mean? It means that a taxpayer may receive a complete or partial removal or forgiveness of the money owed. And there are actually a number of cases where the IRS removes 100% of the penalty.

To receive penalty abatement, the IRS will require you to have a sound reason. But what qualifies as a sound reason depends upon your circumstances. There’s even a chance you can receive back penalties you’ve already paid to the IRS. But even if you’ve had a good reason for not paying your taxes, without professional help, it can be difficult to get tax penalties removed.

To request abatement, the taxpayer must provide the details of the circumstances
Procedures differ for each individual case