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IRS Tax Penalties

At Midwest Accounting and Tax Service, we're well aware that taxpayers usually have very legitimate reasons for underpaying on their tax returns or filing their tax returns late. Unfortunately, these individuals still receive heavy tax penalties, which are known to cause prolonged tribulations, particularly in cases where preexisting financial hardship was the reason for underpayment or delinquency in the first place. Fortunately, there are professional tax consultants who are equipped to help you deal with tax penalties of all kinds. When you're facing an IRS penalty in the Omaha area, whether it's in the form of a property lien or a wage garnishment, call Midwest Accounting and Tax Service. With over 20 years of experience in the taxation field, we have the in-depth knowledge and skill required to advocate for tax penalty abatement on your behalf. We're well versed in tried-and-true negotiation tactics that ensure success when it comes to reducing tax fines and penalties, so you can trust that we'll save you from the overwhelming strife caused by IRS penalties.

If you have recently underpaid your taxes or filed a delinquent return, you could be subject to a multitude of severe tax penalties designed to punish non-compliant taxpayers while encouraging compliance with the federal tax codes. There are over 140 different income tax penalties that can be applied to a delinquent taxpayer in different cases. Some of the most common strategies utilized by the IRS in order to secure payment include:

  • Tax liens—A tax lien is a security placed on property or real estate in order to secure payment for your tax debt. An IRS tax lien can carry with it severe penalties, as the lien becomes public record and can prevent you from obtaining loans or even opening a bank account. In addition, a tax lien typically extends to include any property you acquire while you are still repaying the debt and can prevent you from refinancing or selling the property until the debt is completely paid off. The tax penalty specialists at Midwest Accounting and Tax Service can help you negotiate with the tax authorities in order to reduce or remove the IRS tax lien altogether. If you are facing tax liens, contact Midwest Accounting and Tax Service to determine the best strategy for IRS penalty relief.
  • IRS Wage Garnishment—When you owe tax fines and penalties, the federal government can be authorized to make regular, automatic deductions from your paycheck until the debt is paid off. For a taxpayer who is already experiencing financial hardship due to other tax penalties or extenuating circumstances, an IRS garnishment can be devastating, impeding your ability to pay everyday expenses. Midwest Accounting and Tax Service can negotiate an alternate settlement, such as an IRS installment agreement, on your behalf to ensure that you receive your paycheck in full. For more information on how we can help you find relief from IRS wage garnishments, contact us today.
  • IRS Summons and Seizures—A summons is a notice indicating an impending tax levy against your personal property or other assets. A tax levy is perhaps the most severe type of IRS penalty, as it allows the authorities to legally seize your property and assets, including vehicles, real estate, and even bank accounts, in order to facilitate the collection of an outstanding debt. If you have received a summons, it is imperative that you act immediately in order to protect your property. Call Midwest Accounting and Tax Service for speedy relief from tax levies and other IRS penalties.

To learn more about how Midwest Accounting and Tax Service can bring you relief from tax fines and penalties, call or e-mail us today.

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