Federal Tax Penalties

Late tax return filing or late payment can trigger an assessment of tax penalties. Finding out you’ve been assessed federal tax penalties can be an upsetting experience. You might have seen this coming, or a letter in the mail might have showed up seemingly from nowhere.

Prompt action is required to stop the penalties from adding up and to restore your peace of mind. The tax resolution professionals at Omni Tax Solutions can help.

What Are Federal Tax Penalties?

Federal tax penalties are charges applied to an unpaid tax balance. These charges vary in amount and severity, and they almost always happen as a result of one or more of the following conditions:

  • Failure to file taxes when required
  • Filing taxes improperly or inaccurately
  • Not fully paying owed taxes

Once a federal tax penalty has been assessed, it remains until it has been paid in full, is abated, is successfully appealed, or the collection statute has expired. In some cases, a federal tax penalty can be reversed if it can be proven that an IRS error was made.


Federal Tax Penalty Information

Federal tax penalties do not generally go away on their own. When the IRS assesses a penalty, they send a formal letter giving the taxpayer notice of the penalty and why it was assessed.

It’s important to note that federal tax penalties accrue interest if they’re not paid immediately. Given enough time, an assessed penalty can double in size due to accumulated interest.

This is why it’s so important to address federal tax penalty issues immediately. Omni Tax Solutions can help by providing expert assistance and representation before the IRS.

Preventing or Fixing Federal Tax Penalties

Preventing federal tax penalties is actually quite simple: just pay your federal taxes accurately and on-time. If the assessed penalty is related to an honest mistake you made when filing your taxes, the IRS might consider removing or reducing the penalty; every case is different.

Regardless how severe your federal tax penalty problem is, you owe it to yourself to contact Omni Tax Solutions for expert help in resolving your situation and restoring your peace of mind.

Call us today for a free consultation and to get more information about federal tax problems and tax relief. The number is (855) 529-3214.