A Complete Guide to the Tax Penalty Abatement Program
Tax penalties can really be a huge problem for most taxpayers these days most especially if they are still charged with such despite the fact that they are not being negligent about such matter. But do you know that you can waive your penalty provided that you have a valid reason for your failure to comply with your tax liabilities? When you have your tax penalties waved due to a valid reason, you can now free yourself from the tax liability that you are entitled to pay which means that you can now have a better way to validate an excuse.
But when it comes to availing this tax program, you don’t just get relief from penalty just because you forgot to pay your tax or any other light reasons because there are also certain qualifications in order for you to be validly excused. One of these qualifications include failure to pay tax on time, given that you have a valid excuse to present in accordance with the reasonable causes stipulated. Another circumstance is when you failed to file a tax return for the year due to a valid excuse that is specifically stipulated in the provisions that govern it. This tax program is also available for those who failed to deposit their taxes as required by the law.
There are also certain reasonable causes in which you can validly raise on your favor and these are the grounds that you can use for claiming relief from tax penalties. You can actually invoke certain reasonable grounds to get the relief from penalties and these include fortuitous events such as fire, natural disasters, serious disturbances, and many others. When you invoke your right to relief due to such ground, you really have a strong stand and a higher chance of availing this tax program because these are reasonable grounds for you to use. Therefore, when you are experiencing any of these fortuitous events and the result for that is your inability to settle your tax liabilities, worry no more because you will get relief from penalty.
You can also secure relief from penalty when you are suffering from any type of serious illness, incapacitation or death of an immediate family member which caused your inability to comply with your tax liabilities. When you are suffering from grievances, there is also a higher chance that you will be able to qualify for this tax program because this also constitutes a valid defense on your favor. However, if there is no negligence, fault or any other type of inability on your part but still you are unable to pay due to difficulties in obtaining your records, you can also be entitled to tax abatement. Click here now if you are hoping to know more about this tax program and how you can make sure that you have a higher chance of excluding yourself from penalties.