Video instructions and help with filling out and completing Form 843 Abate

Instructions and Help about Form 843 Abate

All right that's the IRS train wreck of the week this is great story guys and it's a little bit different than the other train wrecks that I've been talking about lately this particular gentleman I had represented over the years and I help them resolve a very large payroll tax problem and and that went away and that's not what we're talking about here he had a very good year and he hearing about I don't know five or six hundred thousand dollars he paid the tax a couple hundred thousand dollars and there was about sixty thousand dollars in penalties associated with his account out he did a nice car yeah pretty nice car right he called me and he asked if there was anything that I could do about it and there are a couple ways to abate penalties abate means to eliminate so there are a couple ways to deal with penalties but there's a really cool thing called first time penalty abatement and first time penalty blame it's almost automatic and here's how it works if in the prior three years you had paid substantially no penalties so if you didn't have any substantial penalty in the prior three years you pretty much get a freebie so he told me about the situation I I thought that he had been a pretty compliant taxpayer over the years the payroll thing was a different issue altogether I told him I thought I could do something for him I did the research I checked the prior three years there was no penalty you know sure's day I contacted the IRS I asked them to eliminate the penalties and they ain't even put up a fight it was sixty thousand one hundred and ninety seven dollars so that was one very happy client that day they got you know over sixty grand written off