Owe Back Taxes?

IRS Collection Abatement
By Houston TX CPA Jim Trippon, on the web at CPAHoustonTX.com

IRS Collection abatements are something my CPA firm in Houston TX gets questions about all the time. If you turn on the TV almost any time of day, you will see aggressive ads making wild promises about how you can avoid paying the IRS. The reality is that glowing promises made on TV seldom work in the real world. Here is the truth about IRS Collection Abatements in Houston, TX.

If interest has accrued to IRS errors, the individual taxpayer may be eligible to receive a refund, or collection abatement. Abatement refers to the process by which the taxpayer receives a reprieve from paying their current tax debts, or a reduction in the total amount of tax debt owed.

Interest and Penalties

Interest and penalties represent the most common taxpayer issues when it comes to outstanding tax debts. Penalties accrue when taxes are paid pate or when returns are filed late. Interest accrues on both the total tax owed and the penalties accrued. A taxpayer may be eligible for a collection abatement, specifically for their interest and penalties accrued, when they can show a reasonable cause standard.

Temporary Abatements

In addition to a complete abatement, taxpayers may be eligible for a temporary abatement. This option is typically granted to those individuals who are experiencing temporary financial hardship.

An IRS collection abatement can reduce the total amount owed by the taxpayer, or can provide much needed temporary relief in the event that the terms of the instalment agreement are not being met due to financial hardship. To learn more about IRS collection abatement options, contact one of our tax professionals today.

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