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About Mike Wellman
Expertise
I was a former Manager with Price Waterhouse, now PricewaterhouseCoopers, the largest accounting firm in the world. I have had clients in almost every industry and of every size.
I will only answer questions dealing with IRS problems such as delinquent tax returns, Offers in Compromise (Tax Settlement), IRS collection matters including installment agreements, liens, levies, seizures, audits, appeals, innocent spouse claims and injured spouse claims. All other will be referred to the question pool.
Experience
Over 25 years experience in taxation specializing in IRS collections, examinations and appeals.
Publications
New York Times, Wall Street Journal, Your Money.
Education/Credentials
BBA, Baylor University.
Awards and Honors
IRSOS.com won the Knowledgeweb award for educational excellence for content.
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You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > unpaid taxes
Expert: Mike Wellman
Date: 1/20/2008
Subject: unpaid taxes
Question
Hello Mike and thank you for answering my question(s). I owe IRS about $1800.00 that I am making installments monthly on. That is such a small amount but I just do not have the cash on hand right now. I was told (by an IRS Agent) when I finally pay it off I can inquire about getting the interest and late fees back. Is this true and if so, how would I go about doing this? It appears that I am paying only the interest and late fees each month, the balance never seems to go down. Thank you in advance for any help you can assist me with. June
Answer
First, you can request an abatement of interest and penalties without paying off the liability. You can do that anytime. But there is virtually no chance you will get interest abated.
It is possible to get penalties abated if you have what the IRS calls "reasonable cause". Reasonable cause cannot be, I just didn't have the money, or I forgot. It would be something like a death in the family or serious illness that prevented you from filing or paying on time.
You request abatement by sending a letter to the IRS Service Center where you file your return.
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