If someone were to ask you why you shouldn’t pay your IRS penalty, the first thoughts that might go through your mind may be “I don’t want to” or “the money is better off in my pocket.” Unfortunately, the IRS won’t accept those answers. Instead, you must resolve any IRS penalties for a reason that the IRS is legally allowed to approve.
Four Reasons the IRS May Agree to an IRS Penalty Abatement
Generally, the IRS may agree to set aside or reduce your penalties if you can prove one of the following:
- You prove reasonable cause for the penalty abatement
- There is a statutory exception that allows the IRS to waive or reduce the penalty
- The IRS should issue an administrative waiver
- The IRS made a mistake in calculating your tax liability and/or penalty and, thus, you shouldn’t have to pay
Remember, it only takes one reason for the IRS to grant you relief.
The Most Important Reason to Seek an IRS Penalty Abatement
The reasons described above are important. However, the most important reason to request an abatement of your IRS penalties is for personal reasons. Our Norman tax lawyers are confident that you have better things to do with your money than to pay IRS penalties.
For more information about what to do if you are facing IRS penalties, please contact an experienced Oklahoma tax attorney today at 800-721-7054, and please download a FREE copy of our book, The Ultimate Survival Guide for IRS Problems.