What if I am charged tax penalties after relying on the advice of my accountant?

Each year, you diligently take your financial information to your accountant in downtown Norman and wait for your tax return to be prepared. When it is ready, you look it over before it is filed, occasionally asking questions about specific tax issues. Your accountant may then provide you with advice as to what you should do. Like most people, you may then rely on that knowledge and expertise and proceed as advised. Unfortunately, there are times when the advice you received is bad, leaving you facing penalties and interest charges from the Internal Revenue Service (IRS).

Factors That Could Lead to Tax Penalty Abatement

When you rely on the advice of a tax professional, you may qualify for tax penalty abatement from the IRS. To qualify, consider whether you meet the following statements:

  1. The tax professional is competent and trustworthy.
  2. The tax professional is a qualified tax professional.
  3. You provided the tax professional with accurate and complete information.
  4. The advice was received in response to your specific request.
  5. The advice received related to the facts contained in that specific request.
  6. You reasonably relied on that advice.
  7. You paid the tax professional for his advice.
  8. This is a one-time event.

 

If you think you might qualify for a tax abatement based on the bad advice that you received, we encourage you to take action. Visit our website today for several easy ways to contact us, including by phone, email, a contact form, or initiating a live chat. We are here to help whenever you are ready.