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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

All right take a look at this Tom Daschle 140 thousand dollars in taxes no penalty Tim Geithner our department of treasury secretary owned 42,000 no tax penalty charles Rangel the congressman from New York Oh ten thousand dollars in taxes no penalty and Nancy killifer who was going to be the fat cutters are at the White House owed almost a thousand 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 rich Boggs is the CEO of nationwide tax relief and he's joining us live right now from Los Angeles hey rich okay so those were some some big shots in Washington DC can we expect the same treatment if the IRS hauls us in and said okay you owe this much in back taxes are we going to have to pay penalties in let if you have a good attorney if you call some expert help you can 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 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 IRS can move in very quickly to collect and three waiting for the IRS to make the first move is always a less powerful spot to begin negotiating with the government we get the best results when we can step in quickly and before the IRS has come after one of our clients okay also one of the tips I understand is you know bankruptcy not such a good idea but what if you let's face it rich there are a lot of people who have lost their homes out of work stuff like that if you're bankrupt and you can't pay it then what happens to you well the IRS commissioner Shulman three weeks ago announced a special leaning see program which is the biggest news out of the IRS's collection divisions in over 10 years they're going to allow more leniency right now specifically for homeowners that have no equity or have lost their homes okay beverage don't expect to get out of paying the money you owe you might get out of the penalties but not the initial amount right right there there are lots of fly-by-night companies that we warn people against they promised everyone pennies on the dollar and the fact is that it's it's not common it happens sure we do get those kinds of settlements fifty percent ninety percent off their IRS debt with a leniency right now is happening even more but it's not every day it's not common on the terms the terms we can get there we go are often just as important as the total tax debt he's the CEO of nationwide tax relief out in LA rich products we thank you very much more fox and friends are too.

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