An enormous number of penalties are available to the IRS to assess against a taxpayer. The most common penalties assessed are for failure to timely pay taxes and failing to timely file tax returns. Your penalties could be minimized or even eliminated altogether if you “reasonable cause.” Reasonable cause is what the IRS considers a “good reason or excuse” for why your tax returns weren’t filed or your taxes paid on time.
Reducing interest (also called “abating” interest) is much more difficult. Normally, the IRS will only reduce the amount of interest owed if the error or delay regarding your taxes is the IRS’s own fault.
To find out if you can reduce or eliminate your tax penalties and interest, call my office at (770) 984-5327 right away.