IRS Penalty Abatement Services of New York

One of the tax resolution specialties we excercise at Pure Tax Resolution is IRS penalty abatement for New York taxpayers struggling with compiling tax penalties and interest. Tax penalties are essentially the insult to the injury of your already stressful tax debt, and they will continue to grow until you decide to pursue professional help.

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 their outstanding 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.

In fact, it's possible that multiple penalties can be applied to a single taxpayer (in more extreme cases). With the severe consequences involved with tax penalties, it's in your best interest to consult a professional that can get to the root of your tax debt problem, and resolve all the consequential penalties and interest involved.

Seek IRS Penalty Abatement Today

Outstanding tax penalties, similar to back taxes, can lead you down an ominous road of wage garnishment, levies, liens, and asset seizures.  Although serious, don't panic, you can prevent these issues by consulting Pure Tax Resolution. We look forward to offering you relief for your tax penalties, call today for a free consultation with our friendly tax help experts (347) 308-5811

The Pure Tax Resolution team