When you neglect your taxes, the IRS is going to catch up with you eventually. But how quickly that happens depends on your circumstances. The IRS negligence penalty can be as much as 20% of the taxes owed, but it’s not automatic.
There are ways to avoid that penalty if you qualify for an exception—or get help from a Florida IRS tax lawyer before filing your taxes. Negligence is a high standard to meet, so let’s take a closer look at what the IRS negligence penalty is and how you might be able to avoid paying it.
If you believe that you’ve been assessed the negligence penalty unfairly, the Law Offices of Mary King can help. We have extensive experience dealing with the IRS, and we can help you navigate the process of filing a claim for relief from the penalty. Contact us today to learn more.
Negligence Penalties Are Steep
Did you know that these penalties amount to 20% of the amount you underpaid on your taxes? The IRS assesses the penalty when it believes that you should have known that you owed taxes and purposely underpaid.
To avoid the penalty, be sure to double-check your tax return for accuracy before you file. If you’re not sure whether or not you owe taxes, contact the Law Offices of Mary King for help. We can review your tax situation and help you determine if you need to pay taxes or not.
If you do end up owing taxes, be sure to pay them as soon as possible to minimize interest and penalties. The sooner you pay, the less you’ll owe in interest and penalties. The Law Offices of Mary King can help you negotiate a payment plan with the IRS if needed.
Always Contest an IRS Negligence Penalty
If you’re hit with the negligence penalty, the Law Offices of Mary King can help you contest it. We’ll review your case and determine if there’s evidence that the IRS was negligent in assessing or collecting your taxes. If so, we’ll help you file a claim for relief from the penalty.
Remember, even if you provide evidence of negligence, the IRS doesn’t have to grant your request. But, it’s always worth contesting the penalty in order to give yourself a chance at having it waived or reduced.
The sooner you contact the Law Offices of Mary King, the sooner we can get started on contesting your penalty.
It’s Important That You Show You Complied in Good Faith
To avoid the negligence penalty, you must show that you acted in good faith when preparing your taxes. This means that you took reasonable steps to ensure that your tax return was accurate.
The IRS will look at factors like whether you sought professional help in preparing your return, correctly reported all of your income, and took advantage of all available deductions and credits.
If the IRS believes that you did not act in good faith, it may assess the negligence penalty. The best way to avoid this is to seek professional help when preparing your taxes. The Law Offices of Mary King can help you ensure that your return is accurate and complete, helping you avoid any penalties.
What Are Some Factors That Can Help Your Defense?
There are a number of factors that can help your defense against the negligence penalty. The IRS will consider whether you:
1. Sought professional help in preparing your taxes
2. Reported all of your income
3. Took advantage of all available deductions and credits
4. Made a reasonable effort to comply with the tax laws
If you can show that you took reasonable steps to ensure that your tax return was accurate, you may be able to avoid the negligence penalty. The Law Offices of Mary King can help you build a strong defense against the penalty.
The Bottom Line
The IRS negligence penalty isn’t cheap. You’ll end up paying 20% of the amount you underpaid on your taxes. As such, you want to do everything you can to avoid paying this steep penalty. The best way to go about this is to double-check your tax return for accuracy
We Can Help You Avoid The Negligence Penalty
Don’t let the IRS assess the negligence penalty against you without first seeking a resolution. If you think you might owe taxes, contact the Law Offices of Mary King to get help from an experienced IRS tax lawyer.
We can review your tax situation and help you determine if you need to pay taxes or not. And, if you do owe taxes, we can help you negotiate a payment plan with the IRS. Call us today.
Get in Touch with the Law Offices of Mary King Today
The Law Offices of Mary E. King is your specialized source for all matters relating to tax law. With more than 30 years of experience dealing with the IRS, Mary King is the clear choice for legal counsel and tax assistance.
Never try to take on the IRS by yourself. Let Mary and her team provide the legal representation you deserve to ensure the best outcome possible. Our contact information is below. Feel free to reach us using the method that’s most convenient for you.