The IRS and New York State taxing authorities often impose different penalties against taxpayers for a myriad of reasons, including for failure to file, failure to pay, filing inaccuracies, substantial tax understatement, etc. These penalties, if unpaid, often get larger as they attract statutorily prescribed interests. This invariably will result in your tax debt quickly growing much larger, often making the resulting tax debt insurmountable.
Taxpayers may request an abatement of penalties imposed against them. Under certain circumstance, requests for penalty abatement may be granted, which may reduce your tax debt by thousands of dollars.
The attorneys at Thorgood Law Firm are well versed in negotiations to help individuals and businesses reduce their tax debt through tax penalty abatement. Depending on a taxpayer’s particular circumstance, abatements may be available for substantial tax understatement penalty and trust fund recovery penalty, failure to file penalty, failure to pay penalty, etc.
Has the IRS imposed penalties against you or your business, making your tax debt seem insurmountable? Call us now for a no-risk FREE consultation.
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