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ADJUST IT: ABATEMENT OF IRS PENALTIES AND INTEREST

This is an area of misrepresentation by companies who are basically scamming their clients by telling them that they can abate the penalties and interest. IRS penalties and IRS interest can be partially or fully abated. However, those opportunities are relatively rare. We have summarized when it is appropriate to consider filing a request to have penalties and/or interest abated.

IRS PENALTIES

The IRS will not automatically abate penalties. You show reasonable cause as to why your penalty should be either reduced or totally eliminated. The IRS has seven categories in which “reasonable cause” can fall into. These include:

• Civil disturbance
• Serious illness of either you or a family member
• Your death or the death of a family member
• Unavoidable absence
• Lack of funds—only after you can demonstrate using prudence in your business operations
• Reasons beyond your control that caused the inability to determine your tax.
• Other reasons for not complying within the time limit.

You may also request penalty abatement when you were given incorrect advice by the IRS. You must show that you suffered more taxes and penalties because of this advice. Rely on advice from the IRS must be reasonable. The challenge is proving that you relied on advice from the IRS.

IRS INTEREST

Interest is based on how much tax you owe. Interest rates change every three months. The interest is calculated for each day your balance due is not paid in full. See the chart at IRS interest rate for historical interest rates by quarter. The IRS can still charge you interest even though penalties have been abated.

You are allowed to request interest abatement whenever you have had interest added as a result of:

• IRS error such as loss of paper work.
• IRS delay in processing.

In other words it has to be an IRS error, not an event or issue with the taxpayer. That is why abatements of IRS interest is rare.

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