IRS Tax Penalty Abatement of Dallas
We offer personalized strategies to minimize or eliminate IRS tax penalties for Dallas County individuals and businesses
Unsettled IRS back taxes and tax penalties/interest go hand-in-hand, and will snowball out of control if not addressed timely and properly. The IRS uses tax penalties and interest to encourage Dallas-area taxpayers to file and pay their taxes on time (how generous of them). Excessive and greedy as it may sound, it's still a stressful reality for many, and they will continue to accumulate and lead to crippling collections against you as time goes on. If you are a Dallas County individual or business owner experiencing these nagging penalties and interest, our firm of dedicated tax penalty abatement specialists can offer a personalized strategy to mitigate or erase your penalties/interest as a result of your tax debt.
The Variety of IRS Tax Penalties
There are over 140 individual IRS tax penalties that can be enforced against Dallas taxpayers. These penalties tend to fall within 5 key categories:
- Accuracy Penalties
- Fraud Penalties
- Underpayment Penalties
- Late Filing/Failure to File
- Combined Penalties
One of the more harshest (and easily avoidable) penalties imposed by the IRS is failure to file. With that being said, at the very least you should always file your taxes on time, regardless if you lack the money to pay the taxes you may owe. 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 relatively severe, reaching up to 15% per month, with a maximum tax penalty of 75% of the amount of tax debt owed. In the more extreme cases where multiple penalties go ignored for too long, the IRS will pursue criminal prosecution against the taxpayer. Just like any other IRS tax problem, the sooner you take responsibility and take action to settle it, the easier it will be to mitigate the damage.
Seek IRS Penalty Abatement Today
Accruing tax penalties and interest combined with substantial IRS back tax debt can lead to a very hazardous situation. 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 Dallas Pure Tax Relief team