Penalty/Interest Abatement

You only get one shot at a penalty abatement If you fail to file or pay your taxes on time the IRS assesses penalties automatically. These penalties and interest compound quickly are often make up the bulk of an unmanageable tax problem. Many who owe back taxes have penalties that exceed the actual tax due.

However, if it can be proven that you had "reasonable cause" for not filing or paying your taxes on time, the IRS can be petitioned to waive some or all of your penalties. Below are some situations where penalties can be waived or eradicated:

• Serious Illness, Death, or Unavoidable Absence.
• Unable to Obtain Records.
• Fire, Casualty, Natural Disaster, Other Disturbance.

However, the IRS only allows one opportunity to abate penalties. If a penalty abatement request is denied, one cannot make a request on the same grounds. In addition, all cases for abatement must be supported with appropriate legal arguments and supporting documents.

With decades of collective experience in successful penalty abatements, there is no better team than the attorneys and tax professionals at Nationwide. If you have good reasons why you fell behind, let us help you stop the vicious cycle of IRS penalties.