Did you miss the federal income tax filing deadline? Do you owe the IRS money? If so, there may be some wiggle room if you can show “reasonable cause” for not filing and paying on time. You’ll also need to make a “good faith” payment as soon as possible. Taxpayers with reasonable causes typically include members of the armed forces serving in combat zones or residents of federally declared disaster areas. If the IRS accepts a reasonable cause claim, it may be willing to abate any penalties. However, the tax agency generally doesn’t abate interest charges. Interest will continue to accrue until you’ve paid in full. Contact us for more information.
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