Charlotte, NC (PRWEB) February 20, 2013
CTR’s Sacramento tax attorney is advising taxpayers living in California that are facing IRS penalties to resolve their debt quickly. Tax penalties can increase debt and, if left unattended, lead to collection actions. These penalties, such as additional fees and interest charges, can affect both individual and business taxpayers.
CTR is reminding taxpayers that most IRS tax penalties are the result of failure to pay back taxes. A spokesperson for CTR recently stated that “taxpayers not paying their balances on time can see large increases in debt due to IRS penalties and interest. If you have unpaid back taxes, work with a tax professional now to settle your debt.” Nevada taxpayers have received help from tax lawyers in Las Vegas on how to stop debt growth through penalty abatement.
CTR warns taxpayers that the two common penalty causes, filing tax returns late and missed deadlines on payment, can greatly increase their debt balance. Returns filed late charge 5% per month up to the cap of 25% of the amount due on the tax return. Late payments incur charges of ½% per month up to a limit of 25% of the unpaid amount due.
CTR’s experts advise that penalty abatement is an option for taxpayers who are being penalized for circumstances out of their control. To determine eligibility for abatement, California taxpayers can contact San Francisco tax attorney for help. The tax specialists will then analyze their financial situation and determine if they qualify for abatement due to absence, property destruction, serious illness or several other applicable cases.
A CTR spokesperson said, “Regardless of how you got into debt, you shouldn’t wait to start settlement procedures. Debt resolution can be a long process, so getting started today will save you money and get you back on track faster, financially speaking.”
Tax experts are available to aid taxpayers in all kinds of tax related issues, including tax preparation and severe debt resolution options. If a North Carolina resident has any questions, reaching out to professionals such as a Charlotte tax attorney can be an important first step to IRS compliance and solving any tax problems.
CTR offers tax debt resolution and tax services for individuals and businesses across the United States. The company uses a three step program to create personalized strategies to help taxpayers settle their IRS debt. The company offers many services, including: state and federal tax debt resolution, IRS audit defense, tax preparation and bookkeeping.