Quote:
Originally Posted by DaneMcCloud
The IRS will never, ever, ever rescind interest.
If you, as a taxpayer, can show hardship (i.e. surgery, cancer, etc.) for filing late or making a mistake, they'll likely rescind the penalty.
Otherwise, pay as soon as possible in order to avoid further interest and penalties.
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WRONG as wrong can be.
If you make a deal with the IRS they will MANY times remove entire years of penalties and interest. I know personally as I got my 6 years of past due Fed Taxes reduced to 18% of what the total was.
On the other hand, most states are god damn brutal and not only do they NOT reduce your tax burden, they are very quick to confiscate 100% of your pay until their entire bill is paid. I also painfully know that first hand as I thought they were only allowed to take a PERCENTAGE each paycheck like 10-20% but I was misinformed. They can take 100%. It's brutal.
