Abatement of tax assessment refers to a reduction or decrease in the amount of tax owed by an individual or entity. It is a process initiated by the taxpayer or tax authority to rectify an incorrect or excessive tax assessment.
When a taxpayer believes that their tax liability has been inaccurately determined, they can request an abatement of tax assessment. This typically involves submitting a formal application or written request to the relevant tax authorities, outlining the reasons for the claim and providing supporting documentation.
The grounds for seeking abatement of tax assessment can include errors or omissions on the part of the tax authorities, changes in tax laws or regulations, erroneous calculation of tax liabilities, or the discovery of new information that could impact the initial tax assessment.
If the tax authorities agree with the taxpayer's evidence and argument, they may reduce the amount owed or cancel the tax liability altogether. The abatement can be partial or complete, depending on the circumstances and the strength of the taxpayer's case.
However, it is important to note that abatement of tax assessment is subject to the specific rules and regulations of each jurisdiction. The taxpayer should carefully review the applicable laws and procedures and ensure compliance with any specified timeframes or requirements for making an abatement request.
Overall, the abatement of tax assessment serves as a mechanism to rectify erroneous tax assessments and establish a fair and accurate tax liability for the taxpayer.
