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

Instructions and Help about Are Form 843 Reliance

Welcome to Fox 47s morning blend AJ gross with a LG tech solutions joins us this morning thanks for joining us thanks for having me so it's been a couple months now since tax deadline April fifteenth and I know some people may still need to file their taxes and I think about the penalties for that yeah the penalties for IRS taxes can be quite steep the penalty for late filing your return can be up to twenty-five percent that penalty for late payment in return can be up to twenty-five percent so think about you have a ten-thousand-dollar balance you could end up with five thousand dollars in penalties and that doesn't include an interest so my big question can you help with that absolutely you can abate penalties under certain situations say if there's a serious accident in the home or with the family member with death in the family serious illness could be one situation or a second situation maybe there's a natural disaster such as a fire or flood and there are other in this not the only situations that you could abate the penalties put their several so AJ though what if what if a person has never been late before never had any problems before does the IRS take that into consideration at all absolutely there's a program within the IRS called the first time penalty abatement and if you haven't if you filed on time for the last three years and you paid all the taxes in the last three years on time they will abate the penalties so that could be a good situation for you where you can abate the penalties for that first time so people are listening today and they haven't filed yet or have a tax bill there's there's still hope for them I assume there's still hope and it can be an extreme situation or them especially someone hasn't filed for several years well and I think about the emergency situations that you brought up which is which is true you know when those things happen tax end aren't necessarily the first thing on your mind absolutely and that's what and that's when they get in trouble so say if three years ago you had an extreme situation happen to your life you didn't file your taxes just because you didn't have the capacity the mental capacity to file your taxes and then something happens and not the next year and then something happens the year after that and so all of a sudden you have a large tax bill which could be say 30,000 in taxes but then you have 15,000 on top of penalties and interest and the more you don't file the more deeper you go the more deeper you go so in those situations you can kind of prepare a penalty abatement request with the IRS and abate all the penalties because usually the taxpayer one wants to go in there said I'll pay the tax but the penalties and interest is this outrageous so I just can we just get rid of those as well you can help her that is making so much age ain't good information