Abatement of Interest and Penalties Dayton OH

It is possible, under fairly narrow criteria, to ask to the IRS to reverse penalties and interest.

Local Companies

Fifth Third Bank
937-227-6494
110 N. Main Street
Dayton, OH
Maywood Capital
(937) 538-1553
53 Park Ave
Dayton, OH
Value Financial, Carlos Scarpero
937-291-0999
3510 Cherry Point Way
Dayton, OH
Wright-Patt Credit Union Inc.
(937) 912-7000
2455 Executive Park Boulevard
Fairborn, OH
Patterson Tax Service
(937) 837-3900
712 E Main St
Dayton, OH
H & R Block
(937) 279-6026
1884 Needmore Rd
Dayton, OH
H & R Block
(937) 294-2036
5682 Springboro Pike
Dayton, OH
Belmont Tax Service
(937) 252-2217
2718 Wayne Ave
Dayton, OH
Barry W Meek CPA Inc
(937) 233-3050
7007 Troy Pike Ste A
Dayton, OH
H & R Block
(937) 854-5864
Dayton, OH

 

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It is possible, under fairly narrow criteria, to ask to the IRS to "abate" (reverse) penalties and interest.

  • Abatement of interest
  • Abatement of penalties

Abatement of interest

Interest associated with individual tax returns can be abated only for the following reasons:

  • (A) An IRS math error;
  • (B) Interest on an erroneous IRS refund;
  • (C) Interest on underpayments by taxpayers residing in presidentially-declared disaster areas;
  • (D) Interest that is attributable to any unreasonable error or delay resulting from an IRS ministerial or managerial act.

To request an abatement of interest due to an IRS ministerial error, use IRS Form 843. Abatement of interest based on an IRS ministerial or managerial act is highly technical and may require the assistance of a qualified attorney.

Abatement of penalties

Abatement of penalties is based on what the IRS calls "reasonable cause."

Generally, if you used ordinary business care and prudence but in spite of those efforts and due to circumstances beyond your control you were unable to meet your federal tax obligations, the IRS might abate any penalties. Mere financial hardship will typically not be considered reasonable cause.

To make such a request, file a detailed account of your efforts to meet your federal tax obligations and the specific reasons why you were unable to comply. Provide as much supporting documentation as possible. The IRS will review these requests carefully to match the facts claimed with the supporting documentation. Some of the recognized bases for reasonable cause include:

  • (A) Reliance on erroneous written advice from the IRS;
  • (B) Reliance on erroneous advice from a qualified tax advisor;
  • (C) Disturbance as the result of fire, casualty or other natural disaster;
  • (D) Serious illness affecting you or a close family member;

Penalty abatement can be highly technical thus generally requires the assistance of an experienced tax attorney or other tax professional.


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Featured Local Company

Fifth Third Bank

937-227-6494
110 N. Main Street
Dayton, OH
http://www.53.com

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