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We owe 7,473.00 in interest and penalty for our 2008 state

taxes. We went thru a...
We owe 7,473.00 in interest and penalty for our 2008 state taxes. We went thru a terrible year as to health problems for my wife, daughter and me. Is there any chance of having some of the penalty abated? The colorado dept. of revenue is going to garnish our wages,etc by August 8th if not paid.   We would gladly pay the interest $2,140.00                                                                                    Thanks, XXXXX XXXXX Wagoner.   Customer @ comcast.net
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Answered in 6 minutes by:
8/3/2010
Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Hello Walter,

 

Sometimes the state will waive all or part of the penalties if you can show that you had reasonable cause for the underpayment or late payment of the taxes.

 

There is no special form that you would fill out for this purpose. You simply need to write a letter to the Colorado Department of Revenue to request such a waiver, and explain to them the circumstances that resulted in your underpayment of taxes. If they find that you have reasonable cause and if you did not have tax issues with the state in prior years, then it is possible they will consider a reduction or complete waiver of the penalties that are due.

 

Unfortunately these types of requests do take some time to be processed so you will not get an immediate decision and will not be able to stop a garnishment from going in to effect prior to that time.

 

If this was helpful please press the Accept button. It is the only way we receive any credit for helping with these questions.

 

Thank you Walter

 

 

Merlo
Merlo, Accountant
Category: Tax
Satisfied Customers: 9,783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
Verified
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