IRS Penalty Abatement Services of Dallas, TX
IRS penalty abatement (penalty reduction) is needed when the IRS has added penalties to your tax bill. The Internal Revenue Code contains more than 140 tax penalties. Tax penalties are intended to encourage taxpayers to follow the law, file taxes on time, file taxes accurately and honestly, and to punish those who fail to meet their legal obligations to file and pay taxes.
There are five types of tax penalties that may be candidates for our IRS Penalty Abatement service:
- Accuracy-related penalties
- Penalties for tax fraud
- Penalties for under-payment of tax
- Penalties for filing late or failing to file tax returns
- Combined penalties
Don't pay any attention to people who tell you that you don't have to file tax returns. And, even if you can't pay, make sure you file on time. Otherwise, you will be subject to some of the harshest tax penalties in the Code. The "failure to file" penalty starts at 5% of the amount of tax owed and may reach as much as 25% of the total tax due. 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. Not to mention the criminal implications of tax fraud.
To make matters worse, tax penalties are cumulative and thus it is possible that multiple penalties will be applied to a single tax return or year. It's not difficult to understand that taxpayers confronting tax penalty problems need IRS penalty relief.
The IRS has many ways to collect tax penalties:
Tax Liens — The IRS may file a public tax lien against you and or your assets, preventing you from selling assets without paying your tax and your tax penalties, which may resulting in your being unable to get a job, buy a house or a car, finance your kids' education and own assets in your own name.
IRS Wage Garnishment — The IRS even take your wages directly from your employer to apply towards your past due tax obligations.
IRS Summons and Seizures — The IRS can issue collection letters, notices and summons' to you, your neighbors and even your employer.
Professional IRS Penalty Abatement for Dallas Taxpayers
Like any other tax problem, IRS tax penalties cannot be ignored, but rather must be acted upon quickly before they grow into much more serious problems. Dallas Pure Tax Resolution specializes in IRS penalty abatement and is ready to get started on your case today.
The Dallas Pure Tax team