If you pay your taxes late or you must pay taxes using an installment plan the IRS will hit you with various penalties. The amount of these penalties will vary depending on how much you owe. These penalties can add up very quickly and greatly increase an already burdensome tax liability.
There are ways for individuals to have the penalties reduced or removed with the use of a penalty abatement. In order to have your penalties removed or reduced you have to meet a few qualifications. The primary qualification is that you must have a legitimate reason for filing late or not paying your taxes on time. These reasons include, but are not limited to: