IRS Penalty Abatement for Washington D.C. Taxpayers
IRS Penalty Abatement of Capital Pure Tax helps Washington D.C., Virginia, and Maryland taxpayers minimize the outstanding tax penalties accrued as a result of back taxes. Tax penalties are essentially the insult to the injury of your already stressful tax debt, and it will only get worse unless you decide to address them professionally.
There are more than 140 distinct IRS tax penalties that may be levied against a taxpayer. The main purpose of these tax penalties are to encourage taxpayers with tax debt to promptly settle delinquent tax debt.
IRS tax penalties fall into 5 principle categories:
- Accuracy penalties
- Fraud penalties
- Underpayment penalties
- Late filing or failure to file penalties
- Combined penalties.
Interestingly, one of the harshest penalties is for failure to file rather than failure to pay taxes. No matter whether you can afford to pay your taxes on time or not, you should always file when due to avoid late filing or failure to file penalties. 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 as well, reaching up to 15% per month, with a maximum tax penalty of 75% of the amount of tax owed. Moreover, there are potential criminal ramifications in the event of fraud as well.
To make matters worse, it is possible that multiple penalties will be applied to a single tax return or year. Because of the severity of these penalties, it's without question that seeking professional help for your tax penalty complications is highly recommended.
Seek IRS Penalty Abatement Today
Outstanding tax penalties, similar to back taxes, can lead to a slurry of wage garnishment, levies, liens, and asset seizures. Don't be alarmed, you can prevent these issues by consulting Capital Pure Tax today. We look forward to offering you relief for your tax penalties, call today for a free consultation with our friendly tax help experts (202) 888-7447
The Pure Tax Resolution team of Washington D.C.