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Tax Penalty Abatement: A Tax Debt Relief Option
Khmer Lee P. Lugod
Back taxes, tax balance, unpaid taxes, all these among others will cost taxpayer tax penalties. Disregard to settle this will eventually lead to doubling of penalties and interests. In the end, there will be a more tax amount to pay for a delinquent tax payer. However, wait; there is an option from the tax relief, the tax penalty abatement.
Tax penalty abatement is perhaps a song in every tax debtor’s ears. The thought that penalties will simply vanish like magic, is very appealing. However, can this really be availed just like that? And why would IRS disregard penalties on tax debts when these tax debtors are actually violating the laws?
Removal of tax penalties or penalty abatement is not something to be given away to every taxpayer that claims this. There are specific processes that IRS will impose just for this tax relief option is granted to a taxpayer. In principle, and in practice, IRS will allow abatement when taxpayers’ financial circumstance will prevent him/her from paying such.
This is the question of taxpayers’ ability to pay for the penalty and the principal tax debt. Taxpayer needs to present to the IRS with sufficient evidence to support a claim of inability to settle tax debts. Among the factors for abatement can be:
• Bankruptcy
• Health/medical problems or terminal illness of a concern taxpayer or a loved one
• Total destruction of properties due to natural calamities
• Loss of accounting records
These are only among the few circumstances that a taxpayer may be in such a state. One or more of these can be the reasons for failing to settle tax debts and hence asked for a tax relief. The least option that IRS grants in this case are penalty abatement. Tax debts, however, are not erased or forgotten by IRS; perhaps a settlement is reached to resolve this.
Tax penalty abatement is an easier option for IRS to implement as far as a tax collection is concerned. Because penalties are only a small fraction than a principal tax amount, so IRS can forego collecting this. However, a taxpayer should bear in mind that penalty abatement is just one small relief, what’s important is to avoid tax debts altogether.
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