Can Form 843 Abatement 2024-2025

Option number three in resolving your tax debt is something that you'll hear often, whether it's a sales pitch from a Tax Resolution firm or on radio ads, etc. It is a penalty abatement. They claim that they can reduce the tax you owe within weeks of you signing on with them, giving them power of attorney and a retainer fee of thousands of dollars. The problem with this is that the IRS is becoming stricter with how they view and analyze situations that lead to waiving or abating penalties assessed for a given tax period. You must be able to show that you were unable, in good conscience, to file and pay your taxes during that period. This could be due to a life-threatening situation, illness, or a natural disaster in the area (such as flooding or a fire that destroyed your papers). You need to demonstrate that you lacked the mental or physical capacity to file or have someone else help you file your taxes during that period. Although it is possible to have your penalties waived, it requires a cognizant letter describing the different requirements the IRS needs to consider and how they apply to your situation. It is advisable to seek help in writing and ensuring that your case meets the criteria the IRS is looking for in making such a decision. If you own a business and relied on someone else to file and take care of your taxes, the IRS will not accept that as an excuse. As a business owner, you are ultimately responsible for filing and paying taxes on time. If withholding taxes, such as 940 ones, were not filed on time, it can personally come back to you and be associated with your personal social security number. Therefore, it is essential to educate...