Attorney Patrick Sheehan talks about how to reduce IRS penalties on this video.
How are your IRS penalties reduced? The IRS can assess huge penalties on your tax bill. Sometimes after say, 5 years, the tax bill can be doubled due to penalties and interest. Sometimes we can ask the IRS to knock off the penalties and interest on those penalties using a request for penalty abatement.
You have to have the right factors to ask the IRS to knock off those penalties and interest. Not having the money or not knowing your responsibilities under the law, that’s not good enough. What does work though is fire, flood, illness, injury or death; something bad that knocked you off your normally good tax paying duties. And when that bad thing went away, you became a good tax payer again.
It also has to line up with a timing standpoint. If you had an illness 10 years ago but you owe money today, that doesn’t quite explain it. The bad fact pattern has to match your unpaid tax liability. We file a very comprehensive document called a request for tax abatement where we persuade them to knock off the penalties and interest on the penalties. You’ll still owe the tax liability and the interest on the tax, but it will a far less amount that you’ll have to pay.
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