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

Instructions and Help about Are Form 843 Reliance

Welcome to Fox 47's Morning Blend. Aj Gross with LG Tech Solutions joins us this morning. Thanks for joining us, and thanks for having me. It's been a couple of months now since the tax deadline on April 15th, and I know some people may still need to file their taxes. I'm thinking about the penalties for that. The penalties for IRS taxes can be quite steep. The penalty for late filing your return can be up to 25 percent, and the penalty for late payment in return can also be up to 25 percent. So, let's say you have a $10,000 balance, you could end up with $5,000 in penalties, and that doesn't include interest. So, my big question is, can you help with that? Absolutely. You can abate penalties under certain situations. For example, if there's a serious accident in the home or with a family member, death in the family, or serious illness. Another situation could be a natural disaster, such as a fire or flood. These are not the only situations in which you could abate the penalties, but there are several. AJ, what if a person has never been late before or 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. If you filed on time for the last three years and paid all the taxes on time in the last three years, they will abate the penalties. So, that could be a good situation for you where you can abate the penalties for the first time. So, for people listening today who haven't filed yet or have a tax bill, there's still hope for them, right? I assume there's still hope. Yes, there's still hope, especially...