Often times tax professionals are able to stop wage garnishments, release levies and abate penalties.
Costa Mesa, CA (PRWEB) December 09, 2011
Penalties are often the devastator when it comes to tax problems. A tax debt can double, triple, even quadruple with penalties applied by the IRS. There are many different types of penalties, some even resulting in jail time. However, the most common are those acquired by not filing your taxes or filing too late. Many people get in over their heads once penalties and interest are applied to a debt.
There are now many ways to assist with these problems. Most popular is known as Penalty Abatement. This means a tax professional gathers information to prove a hardship and proposes that the IRS lower or eliminate penalties and interest applied to ones tax debt. Often times tax professionals are able to stop wage garnishments, release levies and abate penalties.
Once a debt has become an unreasonable amount, it’s simple to prove a hardship. Age and health are usually factors but just income alone can provide enough evidence of a hardship, especially with the caving economy.
What is most beneficial about programs now being offered by tax professionals is that if the IRS rejects something, there are always other similar programs people can apply for. When penalty abatement is declined, one could more than likely qualify for an Offer in Compromise instead, or vice versa.