Are Form 843 Relating 2024-2025

Hi, I'm Marti Martel, and I'm the owner of Martial Law Officers. Our office represents people with tax problems. One of the most frequently asked questions we receive is whether or not people can settle their tax liability for less than what they actually owe. Another question is whether the penalties and interest can be wiped out, and if they can just pay the original tax. The answer to these questions is fairly simple. There are generally only two ways in which the IRS will agree to reduce the amount of tax liability. The first way is through penalty abatement. As most people know, there are often hefty penalties and interest that accrue on a tax account, in addition to the original tax. However, there is a procedure called penalty abatement. If a person has a legitimate reason, according to the IRS, for not filing the tax return or paying the tax, they may be able to have the penalties on those taxes abated. This means that the penalties are removed. It is important to note that the reason must be reasonable. The IRS will not accept reasons such as not having the money. However, there are many other valid reasons for getting penalties abated. For example, if you gave the records to your accountant, but they didn't complete the tax returns, or if there was a flood or fire that resulted in the loss of records, these are all reasons that could potentially qualify for penalty abatement. To determine if you have legitimate grounds for penalty abatement, we suggest contacting us for a consultation. You can explain the facts to us, and then we will provide you with our professional opinion. In the next video in this series, we will discuss offers and compromise, which is another means of reducing the...