What Is a Tax Penalty?
A tax penalty is assessed by the IRS or state tax authority in response to non-compliance. Non-compliance can result from a failure to file on time, providing inaccurate information, or underpaying a tax bill.
Tax penalties can be incredibly steep and can increase as time goes on. Interest is also charged on outstanding tax penalties, making matters even worse. The only way to eliminate a tax penalty is to pay it off, dispute it, or attempt to have it abated. Our team can work with you to formulate a plan for addressing your tax penalty situation head-on.