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IRS Tax Debt – Don't Pay Interest on Your IRS Debt – 5 Ways to Eliminate Interest Penalty

Getting Out: IRS interest rates are ridiculous

. They were first published, not to punish those who comply with the law. Now they are used as a source of income to the IRS. Why else would the interest on tax liabilities are so ridiculously high? If your UST is wiped, the associated interest should be lost as well. But that does not always happen.

http://www.taxcompromise.pannipa.com/2009/10/08/irs-tax-debt-dont-pay-interest-on-your-irs-debt-5-ways-to-eliminate-interest-penalty/

CGI Rules: The Tax Code says that the interest should be eliminated for the followingReasons:

False Refunds: The IRS refunds you a wrong, and now she wants the money back plus interest? This is not only unfair, it is illegal. Computer can automatically returns to the wrong person. You are entitled to the interest away ( "The interest cost avoidance"), you do not run as long as the illegal back to be issued. But remember, the IRS can legally entitled to interest if you do not return the money on time, if you do! Soturn that money in promptly, even if you already spent it.

Wrongful Charge: Even the IRS makes mistakes. Sometimes they charged you interest, even if you didn't owe it. This can happen even if you paid your taxes on time or didn't even owe taxes that interest could be charged on.

Delays: If you receive a notice late, the blame doesn't fall to you. It falls to the IRS. So if you got a 30 days notice 90 days late, the penalties that accrued for the 60 days could be subsided.

Disasters: If you filed late, because it is classified as a natural disaster that prevents you from filing on time, you can use the interest on your account have subsided.

No notification: Do not have a notification that the taxes were due? You might consider that interest have diminished.

Requesting abatement of interest:

IRS Errors If the IRS made the error (wrongly, you pay a false or by reimbursement) a letter to the local IRSservice center. Include the details. Let them know that the IRS wrongfully charged you or sent a refund to the wrong person. It helps to also send supporting documents.

IRS Delays- This is even harder to qualify for. The IRS rarely abates interest unless they are directly at fault. But if you want to request interest abatement because the IRS delayed in notifying you,use Form 843 "Claim for Refund and Request for Abatement."

Double Check: Take a good look at your IRS Debts and bills. If you have already paid your tax liability, should interest rates go so well. And if not, get to work! You should not pay the interest, if you do not owe.

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IRS Tax Debt Don't Pay Interest on Your IRS Debt 5 Ways to Eliminate Interest Penalty

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