Penalties and Interest
Facing Penalties & Interest in Oklahoma City?
Tax penalties and interest that grow over time can be very harmful to a taxpayer. Over time, they can add up, giving you 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 at Carver Law Office, PLLC as soon as possible. These problems only become worse with time if you do not take the proper steps.
Understanding Risk of Tax Penalties & Interest
Common Reasons for Tax Penalties and Interest:
-
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 the penalty will depend on the percentage of errors. -
Tax fraud:
This offense can result in a severe penalty, including federal criminal charges.
What Are the Consequences for Not Paying Tax-Related Fees?
- Wage garnishments
- Criminal penalty fees
- Property levies
- And seizure of assets
Are You 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.
Get Professional Help with Your Tax Penalties by Calling (405) 561-3467 Today. Our Tax Attorney in Oklahoma City is Ready to Assist.
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