It is vital for any taxpayer, business, or individual, to keep current on federal taxes. Companies and individuals are required to file the appropriate tax returns on time and pay them before the deadline. If payment of required taxes is late, the IRS may elect to issue penalties and include interest for any outstanding amount(s). Fortunately, taxpayers can seek penalty relief in some cases in the form of a First Time Abatement. An abatement, if properly filed, may result in the removal of and forgiveness of penalties assessed depending on the circumstances of the late filing.
If you have received an IRS notice that states you have been assessed tax penalties, you should explore your options for tax relief via an abatement request. GO Admin Solutions offer IRS Tax Penalty Relief services to businesses and individuals. Our professionals will work with you to guarantee you receive the most appropriate strategy for achieving penalty resolution based on your unique situation.
Eligibility for First-Time Abatement Waiver
One of the main reasons the IRS assesses a penalty is failing to comply with filing or payment deadlines. The IRS charges you a penalty when you neglect to pay your taxes and may also assess interest on the amount you owe. If you’re a taxpayer in the Southwest, determining your eligibility for an abatement is your first step in seeking penalty relief. It would be beneficial to meet specific criteria to get relief from the penalties. GO Admin Solutions is highly proficient in assisting you, the taxpayer, in figuring out your best options.
Penalties Eligible for Relief
There are many penalties for which you can demand relief:
- Information Return Penalty: when the information in the penalty is incorrect
- Failure to File Penalty: when the business didn’t file federal tax on time
- Failure to Pay Penalty: when the taxpayer fails to pay the penalties before the deadline
- Accuracy-Related Penalty: when the penalty is inaccurate or doesn’t belong to you
- Failure to Deposit penalty: when the taxpayer failed to deposit the due amount
- Underpayment of Estimated Tax by Individuals Penalty: if you owe less than $1,000.
Saving Time and Preventing Confusion
Over the years, the IRS has reduced its workforce devoted to resolving taxpayers’ specific questions.
Spending over one-and-a-half to two hours trying to reach an IRS representative occurs at a high rate today. Time is a valuable commodity, and spending un-needed amounts trying to resolve a tax-related dispute with the IRS can be both frustrating and costly.
GO Admin Solutions has access to IRS-specific tools to efficiently and effectively address and resolve your tax matter with a favorable outcome.
GO Admin Solutions are Your IRS Penalty & Interest Abatement & Avoidance Experts
If you wish to seek help abating IRS penalties, get in touch with GO Admin Solutions. We are the trusted and dependable partner for your business when handling tax penalties. Contact us today!
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