525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Do You Owe the IRS Money That You Can’t Pay? Are You a Year or More Behind in Filing Your Income Tax Returns? Are You Behind in Your Payroll Tax Filings or Payments? Our Tax Relief services and Tax Resolution assistance can help you get tax relief!
Showing posts with label penalty relief. Show all posts
Showing posts with label penalty relief. Show all posts
Thursday, May 25, 2023
Wednesday, May 24, 2023
Colorado Springs: Important Question: What is Reasonable Cause?
In the Internal Revenue Manual it states that penalties can be abated for reasonable cause? What is reasonable cause? Sadly, what a taxpayer thinks is reasonable cause is not considered reasonable cause by the Internal Revenue Service. Many times when requesting penalty abatement a taxpayer has to go to appeals.
Marcelino Dodge, Enrolled Agent, can help in the request for abatement of penalties. Many times the penalty is just an honest mistake on the part of the taxpayer. Other times a detailed explanation may be needed to explain the reasons why the taxpayer qualifies penalty abatement. Other considerations are 1) Has the taxpayer had this issue before and 2) What is the taxpayer's history of compliance?
There are other factors that can also affect taxpayer's claim of reasonable cause for penalty abatement. To have the best chance for penalty abatement, maintain a good history of compliance.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com Wednesday, May 10, 2023
Colorado Springs: My Request for Penalty Abatement was Denied, What Options Do I Have?
When a request for abatement of penalties is submitted, many times you will get the response that your explanation does not meet the reasonable cause standard. If you have received such a denial, do not despair. There is normally a period of time (30 to 60 days) you have to appeal the initial decision. This leaves the question: How can I win on appeal?
To start you need to hire competent tax professional such as Marcelino Dodge, EA to represent. With a proper review of your facts and circumstances, we can determine if you qualify for First Time Abatement or if a more detailed appeal is needed. On a more detailed appeal we will need all the information and documentation as to why you feel the penalties should be abate. A clear, concise letter of explanation can then be prepared and submitted with the documentation establishing your case to the IRS appeals office for review. The strong case we present the easier we make it for the IRS to approve the penalty abatement.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Thursday, May 4, 2023
Colorado Springs Video: I Filed Late and Have a Penalty, How Can I Get the Pen...
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
Wednesday, May 3, 2023
Colorado Springs: I Filed Late and Have a Penalty, How Can I Get the Penalty Abated?
For years you have made estimated tax payments, filed your tax return, and paid your taxes on time. But, as happens to so many people you have an unexpected event that contributes to you missing the April 15 filing deadline and missed making your tax payment on time. You also failed to file an extension. Whether you file and pay in one month or 6 months, you are likely to be assessed under Internal Revenue Code section 6651 a Failure to File Penalty and Failure to Pay Penalty.
In general to have penalties abated the IRS requires you provide an explanation of reasonable cause. What "reasonable cause" is can be challenging to prove to the IRS. For this discussion though the reasonable cause argument will not be needed. How can you get penalty relief? The Internal Revenue Manuel (IRM) has an administrative relief provision if you meet qualifying criteria. This relief is know as First Time Abatement.
Marcelino Dodge, EA helps taxpayers to first see if they qualify and if so, then to take advantage of this administrative relief.
525 N Cascade Ave., Suite 200
Colorado Springs, CO 80903
(719) 359-8789
success@cashtracksfinancial.com
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