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

Instructions and Help about What Form 843 Reduction

Hi, I'm Taxi PA Jim Tripp. I'm here to provide some education on IRS tax settlements. IRS tax settlements can be done through payment plans, tax negotiation, and offer and compromise. Here's what you need to do first: assess your tax situation. Usually, IRS tax settlements come into play in two situations. First, when the taxpayer owes money to the IRS that they can't pay in full immediately, they may be able to make a settlement. Second, when the IRS claims the taxpayer owes money and the taxpayer disagrees. As a CPA with almost 30 years of experience in settling IRS tax debts, I can tell you that there are three steps to successfully settling a tax debt. The first step is assessing your tax situation. If you receive several notices from the IRS, pull them out and review them. Is the IRS clear about what they're trying to collect? Next, get a copy of the tax return involved and check it to see if you really owe the tax. Sometimes taxpayers make mistakes on their tax returns and actually owe money to the IRS. However, often the mistake is made by the IRS and not the taxpayer. I remember a study done by the Government Accounting Office several years ago, which found that a significant percentage of IRS notices contained errors or attempted to collect penalties and interests that weren't even owed. Now, let's move on to devising a strategy. Once you've reviewed the IRS notices and your tax records, one of two situations will exist. Either you agree with all the money the IRS claims you owe, or you disagree. If you disagree, your strategy should be to challenge the tax the IRS is attempting to collect. The approach will depend on the amount owed and how old the tax is....