Learn how a Penalty Abatement works and how to file!


Penalty Abatement: Do You Qualify?

penalty abatementIf your back tax debt is growing higher than you ever imagined it would, you are probably starting to consider those "pennies on the dollar" commercials you keep seeing. An Offer in Compromise rarely works and is far from your only option. A Penalty Abatement has a higher success rate and keeps your finances private. It is the growth of penalties and interest that increases your debt so dramatically.

Factors that Influence Your Penalty Abatement Request

If a special situation is what led to your tax debt, you may want to consider filing for a Penalty Abatement. All Penalty Abatement requests are reviewed by an IRS employee and it can be a rather subjective process. However, below are a few specific things that the person reviewing your request will be looking for.
  • Were there tragic circumstances beyond your control that caused your tax debt?
  • For Substitute for Return debts, was there a compelling reason you didn't file?
  • Was your tax debt an anomaly from one or two years or is it a recurring problem?

If you feel you qualify for a Penalty Abatement, you need to file out a Form 843. There are a few things to keep in mind about filing a Penalty Abatement request.

  • Besides Penalty Abatement, the form requests a refund for a variety of situations.
  • Be clear that you are requesting penalty abatement and why you should be approved.
  • If you are denied but truly feel you qualify, you can file a Penalty Appeal.

If you are uncertain that you qualify for Penalty Abatement or find the Form 843 at all confusing, consult a tax professional. A tax professional will let you know if you qualify for Penalty Abatement or if there are be better options for you. Before you take any steps toward filing a Penalty Abatement request find out if filing appeal after appeal is a waste of your time and money. A tax professional will be able to find the fastest path to putting you in the best possible situation.

To find out if you should file a Penalty Abatement request, consult a professional. Call now or fill out the form below to get connected with a tax resolution company with experienced licensed tax professionals on staff.


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