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IRS Penalty Abatement of Orlando, Florida

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IRS Penalty Abatement refers to the process of reducing the amount of money you owe the IRS in tax penalties. When you fail to file a return, or fail to file it on time, or fail to pay on time, or even make an honest mistake, the IRS will impose severe penalties on top of the taxes you already owe. Sometimes these penalties compound and can result in your owing more than twice the amount of tax you otherwise would owe. If you've received an IRS letter notifying you that they've imposed tax penalties, you need to consult with an IRS Penalty Abatement specialist. There are close to 150 tax penalties that the IRS may apply against you, relating to some or all of the following:

  • Accuracy penalties
  • Fraud penalties
  • Underpayment penalties
  • Late filing or failure to file penalties
  • Combined penalties.

If you fail to file a return, or submit a fraudulent return, you will be subject to the harshest civil, and potentially criminal, tax penalties. This is because our tax system is based on voluntary compliance and if people can blatantly refuse to file a return or report items of income, then the system cannot function. 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 as well, reaching up to 15% per month, with a maximum tax penalty of 75% of the amount of tax owed. Moreover, there are potential criminal ramifications in the event of fraud as well. In either case, an IRS Penalty Abatement attorney can help you navigate through the tax resolution and IRS penalty abatement process with the IRS. Failure to act quickly to pay or attempt to raise valid arguments in support of reducing IRS tax penalties can lead to one or more of the following enforced collection activities:

Tax Lien or Levy

The IRS may file a public tax lien against you and or your assets, preventing you from selling assets without addressing your tax debt first, and potentially jeopardizing your loan and employment applications.

IRS Wage Garnishment

The IRS can take your wages directly from your employer to satisfy your back taxes and penalties. This happens if you do not pursue professional tax help after the IRS sends you wage garnishment notices.

IRS Summons and Seizures

The IRS can issue summons putting you, your employer, your bank and others on notice that the IRS intends to seize your property to pay back taxes. Clearly, owing IRS back taxes results in penalties that compound your IRS tax problems.

How to address your IRS tax penalties

When you're ready to own up to your tax penalty problems, we can help. One of the principal methods for helping our clients is through our IRS penalty abatement techniques, which we've employed countless times over the past decade. Contact us for a FREE IRS Penalty Abatement consultation at (407) 624-3948.