IRS Tax Penalty Abatement - Jacksonville, FL
We work with Duval County individuals and business owners to mitigate or erase tax penalties & interest as a result of back taxes
Unsettled IRS back taxes are coupled with accumulating tax penalties and interest, making it harder and harder to find a way to pay off your outstanding tax debt. The IRS will tell you that tax penalties and interest are a method to encourage Jacksonville taxpayers to pay their taxes on time. Harsh as it might be, it's a daily reality for many, and if not settled, it can spiral out of control. If you are an individual or business owner that needs to settle your tax penalties, or take proactive action to prevent them, our IRS tax penalty abatement specialists are prepared to help you today.
The Nature of IRS Tax Penalties
There are over 140 individual IRS tax penalties that are enforced against local taxpayers. These penalties tend to fall within 5 key categories:
- Accuracy Penalties
- Fraud Penalties
- Underpayment Penalties
- Late Filing/Failure to File
- Combined Penalties
Surprisingly, one of the more harshest penalties imposed by the IRS is from failing to file. With that being said, at the very least you should always file your taxes on time. But naturally, if you file your taxes incorrectly, you will still be subject to tax penalties and interest. The “failure to file” penalty begins at 5% of the amount of tax owed the day after a tax return is due, and can reach as much as 25% of the total tax due after 5 months. Of course, the penalties for fraud are quite severe but less common, reaching up to 15% per month, with a maximum tax penalty of 75% of the amount of tax owed. In the more extreme cases where the violation is severe or your tax debt is substantial, there is a possibility for criminal prosecution.
Seek IRS Penalty Abatement Today
Accumulating tax penalties and interest in combination with back tax debt can lead you down a hazardous road of tax collections and criminal prosecution. Before you let it get out of hand, you can take action to mitigate your penalties and get in good standing with the IRS. Our IRS penalty abatement experts are prepared to help you today. Contact our President, Tim Halcomb, for a free consultation.
The Pure Tax Resolution team of Jacksonville, FL