Video instructions and help with filling out and completing Are Form 843 Relating

Instructions and Help about Are Form 843 Relating

Hi I'm Marti Martel and i'm the owner of martial law officers our office represents people with tax problems one of the questions is most frequently asked of us is whether or not people can settle their tax liability for less than they actually old or can the penalties and interest be wiped out and just pay the original tax and the answer is fairly simple there there are only two ways generally that the IRS will agree to reduce the amount of the tax liability first the simple one is a penalty abatement and as most people know most often there's a huge amount of penalties of interest that accrue on a tax account in addition to the original tax there is a procedure called penalty abatement if a person has what the IRS considered to be a legitimate reason why they didn't either file the tax return or pay the tax they can have those taxes of the penalties on those taxes abated and that means that they're removed reasonable cause has to be that it has to be something reasonable they won't accept we didn't have the money but there's a lot of reasons why you can get penalties abated for example if you're in a situation where perhaps you gave the records to the accountant and your accountant didn't get the tax returns done or there was a flood or a fire and records were lost there's many reasons as many as you can think of why people may have legitimate grounds to get penalties abated what we would suggest you do is to contact us and let us give you a consultation have you explained the facts to us and then we'll tell you whether or not we believe that you've got legitimate grounds to get penalties abated the next video in this series will relate to offers and compromise we the other means of having the amount that you owe the IRS reduced by a significant amount please take a look at our video concerning offers and compromise