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Video instructions and help with filling out and completing How Form 843 Credits

Instructions and Help about How Form 843 Credits

P>Really, the thought is, if you don't ask, I mean, I have a lot of people that are afraid to ask. If you don't ask, you absolutely will never ever get a penalty abatement. So, even if you think it's a stretch, go ahead and ask. I had one that I'm like, I know, I pretty much, I'm just asking out of the blue because they're not going to give it to me, and I had somebody give me. I was helping an accountant that was actually on the hook for the $70,000 penalty just because I asked. Guys, don't be afraid of asking, is the bottom line, especially reasonable cause. It's not like you get a black mark that you can only do it once in a lifetime for the taxpayer. It's okay to ask for a reasonable cause, and I do it a lot, so don't let it intimidate you. We are gonna go into a case study just to kind of help bring some of these ideas home. So, in the case of Mrs. Age, she is elderly, about 75 years old. She is retired as well and has a really great heart. I think "H" is how I came up with the name for heart in this case. She took a large amount of money out of her retirement in 2013 and in 2014 and gave it to her son for real estate investments. In both those years, it was meant to be alone, but the son never ever decided to pay her back. Now, what's happened is the relationship is strained and here she is stuck with the tax on that early distribution and taking so much out of her retirement, it was rough. And she had the impression, "Well, it's tax-free money to me,...