IRS Penalty Abatement for Austin, TX Taxpayers - Austin Pure Tax Resolution
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IRS Penalty Abatement for Austin, TX Taxpayers

Maddi Benedict - Tax Attorney

IRS Penalty Abatement is the process of using methods permitted by the Internal Revenue Code to reduce the amount owed to the IRS for IRS tax penalties. IRS tax penalties may be imposed in a wide array of circumstances. For example, if you don’t file a tax return at all or if you fail to file it on time, if you fail to pay your taxes when due, or even make an honest mistake, the IRS will impose tax penalties. Sometimes these penalties are cumulative, and they can actually exceed the amount of tax owed. Therefore, because of the serious financial implications of tax penalties, you should speak with a professional tax penalty abatement expert from Austin Pure Tax.

The IRS has the power to issue tax penalties for virtually any type of misconduct associated with the tax filing or payment process, including:

  • Accuracy penalties
  • Fraud penalties
  • Underpayment penalties
  • Late filing or failure to file penalties
  • Combined penalties.

The most severe tax penalties are imposed on those who fail to file returns or those who file fraudulent returns, not on those who make honest mistakes. The “failure to file” penalty begins at 5% of the amount of tax owed the day after a tax return is due, and can reach as much as 25% of the total tax due after 5 months. Of course, the penalties for fraud are quite severe as well, reaching up to 15% per month, with a maximum tax penalty of 75% of the amount of tax owed. Moreover, there are potential criminal ramifications in the event of fraud as well. Whether you have been subjected to a tax penalty due to failure to file or the IRS’ allegation that you committed fraud on your return, you should contact a tax attorney quickly.

Failing to contact the IRS and/or pay the IRS will lead in short order to one or more of the following:

Tax Liens or Levies: The IRS may file a public tax lien against you and or your assets, which will prevent you from selling assets and which will be publicly available for any potential creditor or employer to see. In addition, a bank levy is a method exercised by the IRS to directly cease your bank accounts in order to fulfill your tax penalty delinquency.

IRS Wage Garnishment: The IRS can issue a summons to your employer, your banks and others, notifying them that you owe money to the IRS. (Learn more about wage garnishment relief)

Seek IRS Penalty Abatement Today

It should be well-known that IRS tax penalties are not to be ignored. If you are an Austin-area taxpayer that owes tax penalties you should contact an IRS penalty abatement attorney at Austin Pure Tax Resolution today. Call for a free consultation (512) 900-8234