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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 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...

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