ALG Tax Solutions founder A.J. Gross was interviewed on Lansing Fox 47. A.J. discusses removing IRS tax penalties.
Remove IRS Tax Penalties
If you filed your taxes late, you have seen the outrageous tax penalties and interest. The penalty for late filing your tax return is up to 25%. The penalty for paying taxes late is up to 25%. You have no problems on paying the taxes. But can something be done with the penalties?
The IRS will remove the penalties in special circumstances.
Top 7 Reasons to Abate IRS Tax Penalties
1) Death, Serious Illness, or Unavoidable Absence
2) Fire, Casualty, Natural Disaster, or Other Disturbance
3) Unable to Obtain Records
4) Mistake was made
5) Erroneous Advice or Reliance
6) Ignorance of the Law
7) Hardship
Click here for a brief explanation of each reason.
First Time Penalty Abatement
You may not have a good reason to abate IRS tax penalties. However, you have never been late on filing your taxes before. You may qualify for first time penalty abatement if you always filed your taxes on time and was never late before. The IRS will review your on-time record for the past three years. Click here for more information on how to request First Time Penalty Abatement.
IRS Circular 230 Disclosure: To the extent this writing contains advice on a federal tax issue, the advice is not intended to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed in this communication.