What are tax penalties?

The complexity of the tax systems in the U.S. (federal, state, county and city) makes it more likely for individuals and business owners to make mistakes and run into problems with those tax agencies. If the IRS or other tax agency determines that a person or business has violated the revenue laws or any other tax regulation, it can impose certain tax penalties on top of the underlying taxes. Even a single infraction can sometimes lead to significant tax penalties.

There are different types of tax penalties. Some of the more common penalties are for underpayment or late filing of taxes. This includes late filing of informational returns, such as W-2s and 1099s.

Other examples of tax penalties include accuracy-related penalties. Regardless of the underlying cause, inaccurate filing of taxes can result in serious penalties.

How can a lawyer help with tax penalties?

A lawyer that is experienced in business tax penalties can help their clients reduce or even completely abate the penalties through various legal options. At Common Law PC, we are highly experienced in tax penalties abatement. We are familiar with all types of individual and business tax penalties. Our team will be glad to assist you in filing a tax abatement. You can contact us today for your consultation with one of our tax attorneys.