Lawrenceville/Snellville/Duluth CPA Advises on Seeking Penalty Abatement
Lawrenceville/Snellville/Duluth CPA Advises on Seeking Penalty Abatement
Failure to pay penalties occur when a taxpayer, whether an individual or a business, do not meet/pay their tax obligations as they become due. These penalties are in addition to the failure to file penalties and often result in the additional cost of collection rapidly increasing the original amount due. If you can show good cause, the IRS often will work with taxpayers in the considering an abatement of these penalties. The below is a sample letter we might receive from a taxpayer to address open tax issues, penalties and interest.
We got a letter from GA state on taxes we owe 2007 & 2008 we ignored letter over a year ago, it was $2500. Now it is $4000, I can pay the $2500 but no way I can do 12 month payments on $4000. Any way they would take an offer of compromise for original amount ( about what I will get back on state) ? we called and ask if we could pay it and they did not care. Is it hard doing OIC or should an accountant do it and what is the cost. Thanks
Here is my response:
Thanks for visiting www.HisCPA.com I would suggest retaining me as your power of attorney paying the amount in full along with the interest, while asking for penalty abatement. Frequently we have learned this a viable alternative to other more costly options. Even if you did qualify an Offer in Compromise would cost as much/more than you owe. If you would like to discuss further please give me a call.
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John Dillard, CPA of His CPA, PC (An Atlanta Christian CPA firm) 1940 Woods River Lane, Duluth, GA 30097 Phone 770-814-9304 http://www.hiscpa.com/ To retain John Dillard CPA (An Atlanta Christian Speaker/Author) for your business group or church congregation, you can contact him today at 770.814.9304
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