Are You Facing Penalties and Interest in Oklahoma City?

The Carver Law Office, PLLC Can Help You Understand Why

Tax penalties and interest that grows over time can be very harmful to a taxpayer. Over time, they can add up, giving you a very high tax debt. In some cases, the penalties and interest amount to more than the original amount owed in the first place. If you are facing tax penalties and interest, it is in your best interest to contact our Oklahoma City tax attorney as soon as possible. These problems only become worse with time.

Taxpayers can be facing penalties and interest for a number of reasons, including but not limited to:

  • Underpaying: The IRS can find out who paid less than they owed. This is a high offense in their eyes.
  • Filing a late return: Even being one day late for filing your tax returns can cause a penalty. To the IRS, late is late.
  • Accuracy-related penalties: The gravity of the penalty will depend on the percentage of the errors in your report.
  • Tax fraud: Probably the most serious cause, tax fraud can result in a severe penalty, and you can also be facing federal criminal charges.

It is also important to know the potential consequences of not paying any of your tax-related fees, such as:

  • Wage garnishment
  • Criminal charges
  • Property levies
  • Seizure of assets

Penalty Abatement

If you can prove an adequate reason why the penalty should be removed, there is a possibility to receive penalty abatement. Sometimes unforeseen circumstances can cause us to end up in such penalties. Unfortunately there are no abatements for interest (except in extremely rare circumstances); however we can help you with the process of requesting penalty abatement. An offer in compromise may also be an option for your specific circumstance.

Contact our office today to learn more about how we can help you with your penalties and interest.

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