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Learn More About IRS Penalty Abatement

Sometimes taxpayers require IRS penalty abatement. Abatements allow the taxpayer to eliminate part or all of their IRS tax penalties or interest.

However, this does not apply to the base tax amount that resulted in the original penalties and interest incurred by the taxpayer. Abatement is typically used to eliminate a major portion of penalties, but not interest.

Penalty abatement is an essential resource and tool because it can lift a huge financial burden off of the taxpayer by just eliminating penalties alone.

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Not surprisingly, penalties can comprise up to 25% of the total amount of IRS tax debt owed by the taxpayer. That is why penalty abatement can be such a valuable tool.

Penalty abatement is most useful to those who are able to pay their tax liability. In other words, being able to pay an existing tax liability affords the taxpayer some amount of leverage in dealing with the IRS when attempting to receive penalty abatement consideration.

In most cases, when a penalty abatement request is accepted by the IRS they will expect that the tax liability be paid in full.

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For a taxpayer to qualify for penalty abatement they must be very convincing that the penalties imposed are not justified.

There are several scenarios where taxpayers would potentially not be responsible for tax penalties.

For example, if there has been theft, loss or destruction of tax records or there has been a major family problem such as a divorce, the taxpayer may indeed be awarded penalty abatement.

Awarded Penalty Abatement

In addition, a major injury or medical illness as well as incarceration or other types of life disruption can make a taxpayer eligible for penalty abatement.

Going further, any type of natural disaster such as a hurricane or a long bout of unemployment as well as the death of a close family member can all be reasons to be awarded penalty abatement.

Even civil disturbances or situations where an individual is physically unable to be available to pay taxes may constitute a good enough reason to be awarded penalty abatement.

Out Of The Control Of The Taxpayer

In summation, the taxpayer can be expected to be eligible for penalty abatement if there were extenuating circumstances or factors that were out of the control of the taxpayer that resulted in their not paying a current tax bill.

As a final note, even if the taxpayer does meet all the criteria necessary to be awarded penalty abatement it may still not be the best option. For example, if they are not able to pay roughly 75% of the initial tax liability.

Working closely with Atlanta IRS tax lawyer is perhaps the easiest way to make a more informed decision in this regard.

Contact The Gartzman Law Firm, P.C. an Atlanta, Georgia tax lawyer today to learn more.

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