IRS Penalty Abatement for Los Angeles Taxpayers
IRS Penalty Abatement services offered by Pure Tax Resolution are designed to provide relief for Los Angeles taxpayers struggling with mounting tax penalties and interest. Tax penalties are essentially the "insult to the injury" of your already daunting tax debt problems, and unfortunately it will only get worse until you decide to seek professional IRS penalty abatement.
There are more than 140 distinct IRS tax penalties that may be administered against taxpayers with outstanding tax debt. The main purpose of these tax penalties are to encourage taxpayers to promptly settle their outstanding tax debt.
IRS tax penalties fall into 5 categories:
- Accuracy penalties
- Fraud penalties
- Underpayment penalties
- Late filing or failure to file penalties
- Combined penalties.
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 penalties in the event of tax fraud as well.
To make matters worse, it is possible that multiple penalties will be assessed to a single tax return or year. Because of the complexity of these penalties, it's without question that you should seek IRS penalty abatement immediately.
Consult Our IRS Penalty Abatement Experts
Outstanding tax penalties can result in wage garnishments, levies, liens, and asset seizures. You can prevent these issues by consulting Los Angeles Pure Tax today. We look forward to offering you effective solutions for your tax penalties, call today for a free consultation (424) 269-2774
The Pure Tax Resolution team of Los Angeles