When you fail to pay your taxes, the IRS enacts a penalty. The penalty for not filing taxes varies depending on whether or not you failed to file, or failed to pay. Both actions carry different penalties at different percentage rates. If you’ve received an IRS penalty notification it isn’t too late though. Penalty abatement in Chandler is an option, and LBS Tax can help.
Am I eligible for an IRS penalty abatement?
Though the IRS is primarily concerned with receiving taxes owed, they aren’t without understanding. If there is a reasonable cause that led to your inability to pay or file taxes, you may be eligible for an IRS penalty abatement. Though this will not reduce taxes owed, it can eliminate or drastically reduce any penalties that have accrued. Reasonable cause includes:
- Death of a family member or close friend.
- Divorce proceedings.
- Serious illness.
- Difficulty locating or acquiring necessary records.
- Destruction of records.
- Incorrect advice from a tax advisor.
- Bad advice from the IRS.
- An error occurred.
These are some of the most widely accepted reasons for filing a penalty abatement in Chandler but they aren’t the only ones. These reasons come with stipulations, but if reasonable cause is established the IRS will likely accept it. Penalty abatement in Chandler offers a rare opportunity to make a case personal. The IRS looks at your specific circumstances and penalty abatement on a case by case basis.
We know what circumstances fall under reasonable cause and can help shape your case to reduce reasonable doubt. Only a first time penalty abatement case can be handled over the phone. Any instance after that must be dealt with through a series of letters. We handle correspondence directly, ensuring mail is received and responded to at our accounting firm in Chandler. Since this process is ongoing, penalty abatement in Chandler can take some time. Letting our experienced accountants handle it on your behalf not only takes the stress off, it guarantees important deadlines won’t be missed.
The LBS Difference
If your penalty abatement petition is denied the first time, it doesn’t mean all is lost. There is a 30 day window to file an appeal. We will ensure your appeal is filed within that time, and get you a second chance to file. Our company President is also a certified Enrolled Agent of the IRS. That means that we can deal with the IRS directly on your behalf. You won’t ever be required to speak directly to the IRS, and all communications can be handled by LBS Tax.
Our penalty abatement services in Chandler aren’t just for individuals. Many small business owners and non-profit organizations are solely responsible for filing their own taxes. The same circumstances that lead to a non-filing by an individual can also lead to a non-filing by a business. The ability to file a penalty abatement extends to these organizations as well, and we can help you file, working diligently to deliver a successful petition on your behalf.
When you need to file a penalty abatement in Chandler don’t wait, call (480) 664-1249 or contact LBS Tax for professional help that makes a difference.