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Video instructions and help with filling out and completing What Form 843 Deductions

Instructions and Help about What Form 843 Deductions

1. All right, take a look at this. Tom Daschle owed $140 thousand dollars in taxes, with no penalty. Tim Geithner, our Department of Treasury Secretary, owned $42,000 with no tax penalty. Charles Rangel, the congressman from New York, owed $10 thousand dollars in taxes with no penalty. And Nancy Killifer, who was going to be the fat cutters are at the White House, owed almost a thousand with no tax penalty. Brilliant, isn't it? They all managed to avoid paying any of those penalties on taxes that they owed. So what makes them so special? Our next guest says not much. 2. Rich Boggs is the CEO of Nationwide Tax Relief and he's joining us live right now from Los Angeles. 3. Hey Rich, okay so those were some big shots in Washington DC, can we expect the same treatment if the IRS hauls us in and says, okay, you owe this much in back taxes? Are we going to have to pay penalties? 4. If you have a good attorney, if you call some expert help, you can avoid penalty. Statutory additions are negotiable with the IRS. What it's a statutory addition penalties interest on principal and interest on penalties or statutory addition all that stuff all those guys out okay sometimes the penalties can be more than what's actually, oh you've got some tips about what to do if this is the case. 5. You start with being proactive, so don't delay your reaction to this. Correct the penalties and interest, first of all, as you said, are ghastly. We have clients at all more in penalties than they do in taxes. If you wait, number two, you risk collection activity, liens, bank levies, wage garnishment, because the IRS can move in very quickly to collect. And...