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Information Regarding IRS Penalties
By Darrin Mish of Law Offices of Darrin T. Mish, P.A.
Information Regarding IRS Penalties Taxpayers usually feel apprehensive when confronted with the possibility of being penalized by the IRS or having to pay back taxes. Unbeknownst to them, there are actually guidelines and procedures that will help them contend these issues. All aimed at ultimately dismissing IRS penalties, these procedures include negotiations and installment plans. There are various instances when penalties that can be imposed on tax payers. These include among others, not filing a tax return, deliberately misleading the IRS and not paying quarterly taxes. In fact, the IRS has an entire Penalty Handbook that was designed to list all of the IRS penalties, IRS tax penalty abatement and IRS penalty assessments. Remember, the IRS does not get all of their money from simply collecting taxes, but also from penalties levied on taxpayers. With the intention of ensuring that the IRS does the penalties assessment correctly, the government made several options available for all taxpayers. With the recent updates on IRS policies, the process of dismissing tax levies is now relatively simple. While it is still rather difficult, it is considerably different from the time when battling out a tax issue is nearly impossible. The IRS Penalties Handbook provides taxpayers with the opportunity to learn about interest, levies and abatement of penalties. When taxpayers are well-informed about the nature of these penalties, they will discover ways of reducing their chances of being subjected to these as well. Today, as stated in the IRS Penalty Policy Statement, IRS penalties are no longer automatic. You may, in fact, qualify for a cancellation of some or all of your IRS tax penalties if you can prove that there was no deliberate negligence and intention of defrauding the IRS on your part. This process is what we refer to as "IRS abatement of penalties. On collection from penalties alone, the IRS makes as much as $15 billion, on the average. While this is a wonderful thing because this is a substantial source of income for the IRS, this is also too heavy on the part of the taxpayers. The situation worsens, for some people, as the penalty is added to the total amount of tax due. Interest is then accrued based on this new, larger sum. The interest that the IRS charges on any tax debts is generally quite substantial with levels as high as 25%. Over a very short period of time, this can actually double or even triple the total amount of debt, making it significantly more difficult for the taxpayer to pay off the entire amount. When you receive an IRS notice indicating a possible problem resulting from some tax dues, you can actually respond and request from them a cancellation of these penalties. This response is the first step to the penalties abatement process, which, fortunately, can be availed of by everyone. If proven that you did not willfully defraud the IRS, the "good faith exception clause" in the provisions of IRS penalties can actually be used. In summary, although IRS penalties signify danger to you and your assets, their effects can always be minimized, if not altogether eliminated, by utilizing the options available to all taxpayers. Darrin T. Mish is a Nationally recognized Attorney whose practice focuses on representing clients across the United States with IRS Problems. He is AV rated by Martindale-Hubbel and is a member of the American Society of IRS Problem Solvers and the Tax Freedom Institute. He has been honored by a listing in Martindale-Hubbel's Bar Register of Preeminent Lawyers. His passion is providing IRS help to taxpayers with both individual and payroll tax problems. He also spends a great deal of time traveling the nation providing training to attorneys, CPAs and Enrolled Agents on how to handle their toughest cases with the IRS. If you would like more information about his services please visit http://getirshelp.com. |
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