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When you need tax relief in Fort Lauderdale, look no further than Ronald A. Muscarella CPA. Specializing in back tax return settlements, our fully licensed and insured accountants are able to provide a variety of accounting services for you. Whether you are preparing for an IRS audit or looking to incorporate a business, we've got the necessary expertise to help.

IRS Tax Penalties

Free Consult StarDid you know that there are over 140 different tax penalties that the IRS can charge the taxpayer? A tax penalty is designed to encourage compliance, as well as to punish those who fail to comply with the tax code. Of the hundreds of penalties, only a handful are commonly used. These federal tax penalties all fall within five categories:

  • Accuracy-related penalties
  • Fraud-related penalties
  • Underpayment penalties (including failure to pay taxes and underpaying estimated taxes)
  • Late return/failure to file penalties
  • Combined penalties

These income tax penalties can be very harsh, as they are designed to encourage people to pay their taxes in full and on time. Unfortunately, there are times when a taxpayer has a legitimate reason for filing a late tax return, or being unable to pay their tax debt. In these cases, some tax penalties can be especially crippling. For example, the "failure to file" penalty begins at 5% the day after a tax return is due, and maxes out at 25% after 5 months. If the taxes are not filed within 60 days of the due date, then the penalty will be $135, or 100% of the unpaid tax amount, whichever is less. If the IRS determines that you intentionally did not file your taxes in an attempt to defraud the IRS, the penalty will increase drastically to 15% per month, with a max of 75%. Considering that a number of other penalties can be applied on top of this, it is easy to see how overwhelming tax penalties can become. In fact, federal tax penalties can account for up to 90% of the total amount owed!

IRS Tax Penalties

Given how crippling a tax penalty can become, it's important to call a professional accountant or tax attorney for sympathetic counsel and expert skills. So if you find yourself struggling with your debt due to steep tax penalties, call Ronald A. Muscarella CPA. We're here to help you mitigate all of your expensive fines and skyrocketing interest rates, so you can keep your finances on track. Call us for a free consultation today.

At Ronald A. Muscarella CPA, we're capable of providing you with IRS tax relief from all of the tax authority's most common penalties. In order to collect tax debt and IRS tax penalties from delinquent taxpayers, the IRS relies on a variety of methods, and it's up to Ronald A. Muscarella CPA to provide you with resolution for these problems. IRS tax penalties may come in the form of:

  • Tax Liens—A federal tax lien is a security that can be filed against your personal property or real estate in order to secure payment for your tax debt. The consequences of an IRS tax lien can be severe, as the lien will become public record, and you may not be able to sell or refinance your property until the lien is removed. An IRS tax lien also typically covers any property acquired while you are still repaying the debt. At Ronald A. Muscarella CPA, our professionals have the skills and expertise necessary to advise you on the best strategy to resolve your tax liens and avoid financial disaster. In fact, in some cases we are able to negotiate with the tax officials on behalf of the taxpayer in order to have the tax liens withdrawn completely.
  • IRS Wage Garnishment—When you owe a tax debt, the IRS is authorized to facilitate an automatic withdrawal of funds from your paycheck in order to cover payments toward the amount owed. The wage garnishment can continue on until the debt is entirely paid off. In the case of large tax debts, this can mean years of a reduced income. For someone who is already experiencing financial hardship, IRS wage garnishments can have a devastating effect. So if you're struggling with the effects of an IRS wage garnishment, contact Ronald A. Muscarella CPA. Our team of CPAs will review your financial situation and negotiate with the tax officials on your behalf in order to avoid wage garnishment. In addition, we will develop a strategy for IRS tax relief based on your personal needs so you can repay your tax debt without causing yourself undue stress or hardship.
  • IRS Summons and Seizures—A summons refers to the notice received by the taxpayer indicating an impending IRS tax levy, or the seizure of property in order to cover the tax debt owed. An IRS tax levy can be implemented against anything from personal property, such as your car or home, to your earned wages and bank accounts. If you have received a summons or threat of an IRS tax levy, it is essential that you act immediately in order to protect your assets. Contact Ronald A. Muscarella CPA as soon as possible, so that our certified accountants can act on your behalf and negotiate an agreement for IRS tax settlement that will satisfy all involved parties without jeopardizing your property.

When faced with steep tax penalties, IRS wage garnishment, tax levies, and other strategies designed to punish non-compliant taxpayers, don't be overcome with stress and panic. Chances are, you have a legitimate excuse and mitigating circumstances surrounding why you underpaid or failed to pay your taxes. If that's the case, let the professionals at Ronald A. Muscarella CPA help you find comprehensive IRS tax relief. Contact us today for your free consultation to see how we can best help resolve your tax penalty.

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