Learn how a Penalty Abatement works and how to file!

If 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

• 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 (800) 590-4524 now or fill out the form below for a free tax debt consultation on Penalty Abatement! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.