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IRS Penalty Abatement to Reduce IRS Tax Penalties

IRS charges late fees and penalties on a person who has not paid. The interest starts out little but adds up over time and can become a significant figure. This makes it even more difficult to pay back the IRS when figuring in the actual tax debt. IRS penalty abatement is an option that the agency may allow when the tax payer has shown interest in paying the back taxes. However, there are certain terms and conditions that the tax payer must meet to be considered for IRS penalty abatement.

The process to ask for abatement of the fine is as follows:

  • First of all fill a form 843 to ask for the abatement of the penalties. In this form some details like name, address, tax years, SSN and reason to request for abatement are asked. One can also send a cover letter with this form that is an IRS penalty abatement letter. This letter would be highlighting the reasons for sending the request. There is also a facility to mail the form to the IRS website.
  • While submitting the request form, the reason must be a strong one to warrant waiving or reducing the fine. Claiming ignorance that the tax was past due is not considered a strong compelling reason. It is the responsibility of the tax payer to be aware about deadlines.
  • Some reason that may work include being hospitalized during the tax time, some sort of diaster, being imprisoned at that time or bad advice by a tax attorney.

There must be enough documents to support the reasons. Keep in mind that the request for penalty abatement for different years is sent individually for each year. One has to fill one 843 form for each year and the reasons are naturally going to differ for each and every year. There is no need to panic if request for some years is accepted and for some it is not. There are also other methods to get IRS penalty abatement. Those are written and verbal but overall it depends upon the convincing power of the payer. IRS penalty abatement is a very good option to put forward the case to internal revenue service. It is just like other claims that are put to get relief from the heavy tax. It provides guarantee to take decision in the favor of the tax payer.

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