IRS Penalty Abatement Solutions of Charleston, SC
Many of our South Carolina tax resolution clients find themselves struggling with accruing tax penalties and interest as a result of their tax debt. In addition to a variety of tax debt resolution services, we also provide State and IRS penalty abatement options for Charleston taxpayers looking to resolve their nagging penalties and interest. Many factors go into pursuing penalty abatement, as each client is different. Our experienced team of tax attorneys, CPAs, and enrolled agents can evaluate your unique situation and construct an IRS penalty abatement strategy suited to your needs.
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
Having tax debt itself puts you at danger of seizures and collections, don't let your nagging tax penalties and interest put you more at risk. Our team of Charleston tax penalty abatement experts are prepared to work with you today to address your tax penalties for good. Free consultations - (843) 804-6774
The Pure Tax Resolution team