If the IRS thinks that you have underpaid your taxes, they will immediately begin charging penalties and interest to your tax bill, without any investigation into the facts. Those charges can easily exceed the amount of tax they say that you owe… and these penalties and interest continue to add up daily.
There are many cases Tax Attorney Sheppard has handled where the penalties and interest have exceeded 50% of the overall tax bill. In some cases, we have helped our clients reduce or eliminate these charges through a process called abatement. We have also been successful in helping our clients eliminate any of these future charges by successfully negotiating Offers in Compromise.
Typical tax penalties include late filing penalties, late payment penalties, responsible person penalties, payroll tax penalties, sales tax penalties, accuracy-related penalties, civil tax fraud penalties, and substantial understatement penalties.
If these penalties and interest along with your principal tax liability are not satisfied properly, then the IRS can seek to:
- Seize your bank account or your retirement account
- Garnish your wages
- Place a lien on your home or car so you can’t sell it
- In some cases, impose criminal sanctions
- Source
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