Video instructions and help with filling out and completing Can Form 843 Abatement

Instructions and Help about Can Form 843 Abatement

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 the radio ads etc is a penalty abatement now this is something where they'll say that they can reduce the tax that you owe within weeks of you signing on with us give us power of attorney give us a retainer fee thousands of dollars and we be able to reduce the total amount that you owe the problem with this is is that it's a the IRS is becoming a little bit more strict with the way that they view and analyze those situations that lend to waving or abating penalties that they've assessed for a given tax period so you have to really be able to show that you weren't able to in good conscience be able to file and pay your taxes during that period whether it was a life-threatening situation illness or there was a natural disaster in the area whether it was flooding or a fire that destroyed your papers you have to really be able to show that you didn't have a mental capacity the physical capacity to file or have someone else help you file your taxes for that period given all that it does happen and there are people that have those situations where they're not able to pay the taxes and and are able to write in with a cognizant letter describing the different requirements of the IRS is required to look at as well as how those apply to your situation so this is definitely something that you might want to get help on it in writing and making sure that it fits the criteria that the IRS is looking for to make that kind of decision the other thing the iris is going to look at if you own a business and that if you've relied on someone else to file and take care of your taxes and they didn't file those on time that's not really an excuse for you as a business owner because you're ultimately responsible and you really need to be careful with this because if it is withholding taxes for instance 940 ones and those didn't get filed on time it can personally come back to you and your personal social security number for those taxes that you owe so I always make sure that you know if you do rely on someone to help you out with something which is totally fine I just educate yourself and make sure you know what they need to be doing when they need to be doing it so that it gets done on time and that it gets done correctly so that you're not personally liable Music you.