The IRS has committed itself to assisting taxpayers who are challenged in these economic times. The good news is that the tax code regulations, Internal Revenue Manual, and case law expressly recognize the financial-distress-merits-penalty-waiver argument. The bad news is that the IRS often rejects this contention. While they are committed to assisting American taxpayers in any way possible to meet their tax obligations, there is a process in place and guidelines to follow when presenting the “story” in order to get the penalty abated. Tax and legal guidance crucial for bettering the odds of a successful outcome. Contact your HLBGC representative for more information.
HLB Gross Collins
Varied