The Internal Revenue code allows for abatement or removal of certain penalties associated with assessed taxes. These penalties might represent a small amount of your overall tax debt or they could be substantial, depending on the penalty and the amount of the underlying tax.
In order for penalties to be abated, they must meet the “reasonable cause criteria” outlined in the code. Not all penalties are subject to abatement. Many penalties can be avoided simply by complying with timely filing & paying requirements.
If you are interested in learning more about penalty abatement please feel free to contact me. I will be happy to provide you with more information to help you decide if penalty abatement is right for you.