Can we get our income tax penalty reduced or forgiven. We owe about $8000. We haven't received a refund check in about 6 years.
There may be options available to you, but without knowing all of the facts it's impossible to say. Contact a tax lawyer to get a better understanding of what your choices could be.
Louis T. Wierenga Assisting in mitigating your business and tax risks. www.LTWLAW.com E Ltw@LtwLaw.com Twitter @LTWLAW The information provided is for general purposes only and should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.
While you may be at this moment concerned about penalties, there may be a better option for you than you are aware of. However, before you think about resolving your tax issue, I would first think about stopping collections. You do not need, nor should be, garnished. As long as you are compliant with your filings, you should be able to put a stop to the garnishments with the IRS. At that time, you should then consider all of your options from an offer in compromise all the way down to a penalty abatement, and see what you qualify for. I would contact a tax attorney to help you with your situation.
Disclaimer: This answer does not constitute legal advice and should not be relied on. Each factual situation is unique and if you need further legal assistance, you should contact an attorney near you. Also, in no way does this answer create an attorney-client relationship.
I agree with the other attorneys, you should consult a tax attorney. You should be able to find one that will stop the garnishment and negotiate a resolution for a reasonable rate. Good luck!
Andrew B. Gordon, CPA, Esq.
Andrew B Gordon is a CPA and attorney licensed to practice law in Illinois. The information provided here is for educational purposes only and is not intended as legal advice for a particular matter. This response does not create any attorney-client relationship with the author. For specific advice about your particular situation, please consult an attorney.
The IRS will continue to levy your checking account until you either enter into a collection alternative or the debt is paid in full. A collection alternative can be an Installment Agreement, Currently Not Collectible status, an Offer in Compromise, etc.
Depending on the type of penalties assessed and how many tax years are involved you may be able to get a penalty abatement. You should contact a tax attorney. I offer a free consult if you would like to contact me directly to discuss your options.
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