What Form 843 Reduction 2011-2023

Instructions and Help about What Form 843 Reduction

Hi I'm taxi PA Jim Tripp on with some words of Education on IRS tax settlements hires tax settlements can be done with IRS payment plans tax negotiation and using something called an offer and compromise here's what to do first IRA's tax settlements usually come into play in one of 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 some form of settlement or when the IRS claims the taxpayer owes money and the taxpayer disagrees as a CPA with almost 30 years of experience settling IRS tax debts I can tell you from experience there are three steps and successfully settling the tax debt they are number one assessing your tax situation number two devising a workable IRS strategy and three making the tax settlement deal so let's look first at assessing your taxation this tax situation tests the first step in a settlement if you receive several notices from the IRS pull them out let's review them is the IRAs clear about what they're trying to collect for next get a copy the tax return involved check it to get a handle if you really owe the tax sometimes taxpayers make mistakes on their tax returns and they really do owe money to the IRS but almost this frequency and many times the mistake is made by the IRS and not the taxpayer I remember a very interesting study by the done by the Government Accounting Office several years ago the government's own account studied a sample of IRS notices and found an alarming percentage either contained errors or attempted to collect penalties and interests that weren't even owed now of course if you're working with an inexperienced tax advisor who might...