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

Instructions and Help about Can Form 843 Installment

My name is Alvin Brown I'm a tax attorney in with an offer of my album random so since topic this morning is going to be on some agreements when we screen a new client and evaluate the situation they have a tax debt and in most of the cases obviously these other issues but some greens means that you know you have attached that one pant and option is the paper installments but before we get into that we screen for super get settle at the upper half nights the financial forms of a mystery norfolk optimism for the summary and are pretty much the same we probably foreign for he creates and complicated iris financial forum called the bank my balls mr. attachments and we are fighting as needed by murmurs pros and regulations and lease about financial request from some agreement with legal Emma basically focuses on me the tax policy of courage in the eres tu interior during the summer beauty the statute that deals with installment agreement says VRS in May and your insurance element they may enter enter the city have to so it's discretionary an offer comprises a little bit more structure even hit some objective standards and so but it's easy to project whatever what a person's going to do when I'm offering compromise because those numbers are objective and I can pretty well to understand what the amorous is going to do before they don't they're going to do but from the some agreement i also have an idea of what they're going to do they look at the financials and they're going to like a determination of where you can afford to pay the first thing to understand about in Samba grievances they won't do it ebony and file tax returns so the tax return attempt to get Anjali filed and of course you found in the zaccharas you can in in good faith file all of the tax returns that are unfiled otherwise they won't even consider it if you're in a business they have they want you to be and compliance with your ear business taxes as well because whether it's your self-employment tax and certainly the payroll taxes made if you have a business and you're doing an individual soldier bringing them think what you can make compliant to hear about your business liability as well normally they don't focus on the compliance issues until after the installment being this file but anything I don't I then some degree it for me as a backup I first tried to see if there's any way possible i get the decks liability for compromise that's ice always screen for that but assuming that I know the IRS will conclude the head for pay the sum agreement is the the next option and sometimes they're they're a lot more difficult than offers a compromise because it's a judgment call they rewrote the manual out of some agreements in September of 08 and one of the rules that put in in the rewrite was if the iris thinks you can full pay they're not going to do in the summer so I I think that's made something it's much harder than used to be let's put it this way if you have if you owe two hundred thousand dollars and they see two hundred thousand dollars in cash they are very decorative and think about it if you have equity in your home of two hundred thousand dollars I'll say called equity and you know in full pay and of course that's where we have problems because you just can't pull all the equity on sometimes credits you know creditors matter there's a tax lien you can't get it out so that then that becomes negotiable and it as an advocate we we will try and work through that those kinds of issues we send our insult agreements out with a legal memo because Congress has really said very strongly several times a separate tax policy encouraging there is to enter into installment agreements and I'm I'm always reminding that resident x-files and then after all and if you're breaking the subgrade we're going to pay the underlying tax you're going to pay the penalties accrued interest so who's against that Congress certainly has Toby are history many times hey guys enter into the sub debris and said if you can do that one of the most interesting things that happened in the story was created 2004 it was the american jobs creation act of 04 in that act congress can be IRS permission to enter into court Peyton Solomon tables so that works and we've gotten some of those through and it's almost like a miracle going to do but the artists understands that mounted them a long time to get familiar with the logs understanding and understand the intent of Congress Congress basically saying yet what you can as much as you can and even if it doesn't full pay you be text that within the 10-year collection period let me restate that the average says 10 years to collect the text that if you owe the IRS a hundred thousand dollars and you're paying them fifty fifty dollars a month in sodium that's all you can afford to give them that's not going to pho pay your text said and then the ten-year collection period so Congress as I hate take the 50 bucks you get as much as you can if if if it is determined that you can afford to give them 50 x among many cases in this economy people can't kill prefer to give notice anything one of the things I like about this job between those it does stop collection activities wow wow that some agreement has mud where the statutes written 6 30 31 k statute says that if you have made an offer then the arse can't collect so it's