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IRS Penalty Abatement – Texas (Drilling Business)

A drilling business in Texas hired Timberline for overall protection and account representation. The Enrolled Agent assigned to the case immediately obtained a 60-day hold on enforcement to allow time to gather the taxpayer’s financials and determine the most appropriate resolution. It was found that the business had gone through bankruptcy and had already paid over $254K to the Internal Revenue Service, of which $93K was penalties and interest. The Enrolled Agent worked up a package of information pertaining to these particular penalties and provided proof of the bankruptcy and payments made. The penalty abatement request was partially approved by the IRS for a total of $44,156.07. This amount was immediately released which lowered the overall balance due on the account.

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