IRS Penalty Abatement for Milwaukee Taxpayers
If you are a Milwaukee-area taxpayer that needs help reducing or eliminating any accruing tax penalties as a result of your outstanding tax debt, our tax penalty abatement services would be a great option for you. The longer you allow your IRS tax debt to go unsettled, the penalties will continue to grow. IRS penalty abatement is the method in which a licensed tax professional negotiates with the IRS to reduce or even eliminate the tax penalties accrued from IRS back taxes. Our licensed team of tax attorneys, CPAs, and enrolled agents are experienced in negotiating tax penalty strategies for our Milwaukee clients, and would be happy to do the same for you.
There are more than 140 distinct IRS tax penalties that are exercised against Milwaukee taxpayers. The IRS will tell you that the purpose of tax penalties are to encourage taxpayers to stay on top of tax filing deadlines, but it's safe to say they also are looking to make a profit on your tax delinquency.
IRS tax penalties fall into 5 principle categories:
- Accuracy penalties
- Fraud penalties
- Underpayment penalties
- Late filing or failure to file penalties
- Combined penalties.
Surprisingly, one of the harshest penalties is for failure to file rather than failure to pay taxes. With that being said, it's important to always file your taxes on time, whether you can afford to pay them or not. 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. In more severe cases of tax fraud, there are potential criminal ramifications involved.
To make matters worse, it is possible that multiple penalties will be applied to a single tax return or year. Because of the potential consequences involved with tax penalties, it's well worth your time reaching out to our IRS penalty abatement specialists to explore your options for tax penalty abatement.
Seek IRS Penalty Abatement Today
Outstanding tax penalties can lead to a slurry of wage garnishment, levies, and criminal charges in the most extreme cases. We aren't trying to scare you into making any drastic decisions, but you are entitled to understanding the consequences of tax penalties and the options for settling them. The tax penalty abatement specialists at Milwaukee Pure Tax can evaluate your tax penalty situation, and offer a personalized solution for you. We look forward to offering you relief for your tax penalties, call today for a free consultation with our team. (262) 299-6009
The Pure Tax Resolution team