The IRS imposes a variety of tax penalties on taxpayers who fail to comply with its demands and regulations. One of the most common IRS penalties my clients deal with is the tax penalty for underpayment. Because the U.S. expects its citizens to pay taxes throughout the course of the year, either through withholdings or estimated quarterly payments, you can be penalized for paying less than 90% of your total tax burden by the end of the year.
If you’ve been hit with a tax penalty for underpayment, Munoz & Company, CPA, is equipped to help you fight back. You may be able to get that penalty lifted if you can prove:
- You did not make a required payment because of a casualty, disaster, or other unusual circumstance.
- You retired (after age 62) or became disabled during the tax year for which you underpaid your taxes.
Munoz & Company, CPA, offers all sorts of tax resolution services, including tax penalty resolution. I have 30 years of experience helping clients through tough tax situations. I’ll put my experience and expertise as a CPA and CTRS to the task of pleading your case to the IRS, always aiming for the best possible outcome.
Want to learn more about tax penalties for underpayment, or other penalties that might impact you? Call me at (407) 459-1292 today!