Penalty Abatement

IRS Penalty Abatement

Penalty abatement can allow individuals and businesses to reduce or eliminate the penalties, fines and interest associated with failure to file tax returns and past due tax payments. Generally speaking, penalty abatement is not the first course of action when seeking to settle tax liabilities. It may, however, be a realistic option during an appeal of your civil tax dispute. Regardless of the circumstances, the IRS does not grant penalty abatement freely or regularly. Rather, the taxpayer must show that he/she/it meets the established standards for abatement or the imposition of penalties in any particular case. Those who can show reasonable cause for why they did not file or pay taxes within the required time frame will have the greatest chance of obtaining penalty abatement. Conversely, if the IRS determines that an individual or business showed willful neglect in failing to file or failing to pay, they will not grant a penalty abatement. Our attorneys are very conversant with these standards and can provide a realistic assessment of the taxpayer’s chances of success in pursuing a penalty abatement. This is important as the Taxpayer does not have resources to waste by pursuing relief or taking positions that are likely not going to be successful.

Resolving the Fines Associated With Failure To Pay Taxes Or Failure To File

While obtaining a penalty abatement is challenging, it is not impossible. When you work with Terrence A. Grady & Associates Co., L.P.A., we will conduct a full analysis of your position and help you understand the best options for settling your tax liabilities. If a penalty abatement is realistic, we are confident in our ability to help you obtain it.

It is important to note that even if you are granted an abatement of penalties, you will likely still be responsible for the full amount of taxes owed. Each individual and business will face a different set of circumstances, so it is important to get personalized legal counsel before proceeding with your matter. As a boutique tax law firm, our attorneys can offer high-level tax knowledge not often seen at general practice firms. And as a smaller firm, we are able to provide each client with individual strategies and legal plans.

Contact Our Columbus, Ohio, Lawyers

Learn how our IRS penalty abatement attorneys can help you. Contact our law firm to schedule an initial consultation.