TAXSHARK LLC can assist you in filing a formal appeal of an unassessed (pending) or an assessed penalty.
Such penalties may include:
- Failure to Pay Penalty
- Failure to File Penalty
- Failure to Deposit Penalty (Federal Tax Deposit penalty)
- Estimated Tax Penalty
FAILURE TO PAY PENALTY
The failure to pay the proper amount of tax due by the due date of a tax return. The filing of an extension without proper payment does not absolve the assessment of a failure to pay penalty.
FAILURE TO FILE PENALTY
Failing to file any given tax return by the due date, or by the due date of a timely filed extension.
FAILURE TO DEPOSIT PENALTY
The failure to make Federal Tax Deposits in their proper amounts or on a timely basis. This penalty can be asserted for failing to make such deposits, failing to make such deposits in their proper amounts and/or failure to make such deposits on a timely basis.
ESTIMATED TAX PENALTY
A penalty assessed due to inadequate Federal tax withholding or absence of Estimated Tax Payments. This penalty is applicable to income tax and corporate tax returns. Also assessed in the case of estimated tax payments not made in the appropriate amounts based on your anticipated tax liability. Many times, this penalty is based on your prior tax years Adjusted Gross Income (AGI).
The goal of such a formal appeal of a penalty or penalties (you may have been assessed more than one penalty and appeal more than one penalty at a time) is to have the Internal Revenue Service abate the penalty or penalties in full or in part. There is no guarantee that the Internal Revenue Service will agree to such abatement even after all facts have been submitted by formal, written appeal by TAXSHARK LLC. If the Internal Revenue Service denies your appeal, your option is to petition the United States Tax Court.
NOTE: TAXSHARK LLC will not represent any client before the United States Tax Court, for that you will need the services of a qualified attorney.