Facing Penalties & 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 if you do not take the proper steps.
Taxpayers can face penalties and interest for a number of reasons, including:
- Underpaying: The IRS can find out who paid less than they owed.
- Filing a late return: Even being one day late for filing your tax returns can cause a penalty.
- Accuracy-related penalties: The severity of penalty will depend on the percentage of errors.
- Tax fraud: This offense can result in a severe penalty, including federal criminal charges.
It is also important to know what potential consequences you can face for not paying tax-related fees, such as wage garnishments, criminal penalty fees, property levies, and seizure of assets.
Am I Eligible for 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. Our Oklahoma City tax lawyer is always ready to assist with your case.