Form 843 - Request for Penalty Abatement
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- เผยแพร่เมื่อ 5 ก.ย. 2024
- Are your IRS penalties crushing you? Book a call with us at www.Bowenstaxsolutions.com
If you had the opportunity to lower your tax bill would you take it?
What if you were able to get a refund for part of the penalties you paid?
Your answer was most likely yes, immediately. However, how long have you been looking at those tax notices and not taking any action?
In today's video, I explain what IRS Penalty Abatement is, simply forgiveness from the IRS. I also walk you through how to request forgiveness from the IRS on Form 843.
If you have already paid the penalty you may be eligible for a refund of those penalties. But you have to make sure that you make your request before the refund expiration date (RSED). This date is 2 years from the date you paid the taxes and the last date you can request a refund.
If you need to pull your tax transcript to confirm the amount of penalties on your account you can learn how to pull your account transcript here: www.americasfa...
If you would like to learn more about First Time Penalty Abatement or Reasonable Cause Penalty Abatement check out the Tax Relief with Timalyn Bowens podcast, right here on this channel.
First Time Penalty Abatement - • IRS Penalties First Ti...
Reasonable Cause Penalty Abatement - • IRS Penalties Removing...
If you are interested in working with my firm, Bowens Tax Solutions to get your IRS penalties abated and your back tax issue behind you then book a call with us at www.Bowenstaxsolutions.com
learned tons...especially need to acquire transcript...
I'm glad you found the video informative.
Awesome stuff. Keep sharing your knowledge...
Thank you! 🙏🏽
@@AmericasFavEA you're welcome 😊
Hi Ms. Bowens, thank you for this video. I'm interested in getting penalty abatement, and also late fee abatement for my 2021 taxes if I can. I never received notification of a penalty or fee from the IRS. But my accountant who did my taxes in December 2023 included a penalty, late fee, along with the interest. I'm not sure where she found that information. I make little to no money to begin with, so we're not talking about thousands of dollars. But it's all relative. I am 70 & living on a fixed income. Would I be advised to pay the taxes, and the penalty and late fee (and of course any accrued interest) and THEN file a request for penalty abatement after that? I'm worried about letting more time pass, and more penalties/fees/interest being added. It's near to impossible to get anyone on the phone at the IRS, and when I went into the office because I couldn't get through to make an appointment, they said they can't do any advising anyway, and certainly didn't tell me about this. They only told me about something I had heard of called Offer to Compromise (but that costs a lot to do and my accountant told me it's really for folks who owe thousands.) My accountant didn't mention this Penalty Abatement possibility, but I just found it doing a search, and am happy I found you and your video. What do you suggest I pay them now, and then can I file this form AFTER I pay them everything? Thank you much, if you're able to answer me. Sincerely, Kathy
@kathoderayblue was your 2021 tax return completed in December of 2023? If so, then you would have a failure to file penalty of 25% of the tax that was due. Additional penalties and fees would be added.
You can 100% use this form if you have a reasonable cause for abatement.
I'm not sure the amount that you owe but the amount owed isn't only if it's multiple thousands of dollars for an OIC. It's if the IRS thinks they can't collect more than your offer.
On this channel is a podcast - Tax Relief with Timalyn Bowens. I did an episode on What is an Offer in Compromise and I did one on How to Qualify. If you listen to those and think it's a good fit I recommend looking up the nearest Low Income Tax Clinic in your area to get assistance with an OIC or payment plan. Wishing you all the best!
Hello, this has been helpful thank you. I read a comment that this 843 Request for abatement if approved will only apply to the penalties, what about the interest accrued. My argument is the IRS took almost 2 years to finalize a decision on my OIC which cause increased fees and interest. I was including this in my supplemental explanation form. Is this a waste of time because interest will not be abated. Please advise?
2 years? If they haven't made a decision after 24 months the offer defaults to being accepted.
Did you not hear from them or was more information requested during that time?
To answer your question - yes, this is the penalty only.
Would this be the right form to use to recover the FICA taxes that your former employer withheld from a final distribution from a SERP after termination from service, if they had already previously withheld FICA taxes on all the previous years when they made the contributions to the plan? If so, do you file this form before or after you already filed your taxes for the year when you received that distribution?
I am sooooo sorry I missed this. Did you already find your answer?
@@AmericasFavEA No problem.I still haven’t found a definitive answer. Your input would be most appreciated. Thank you in advance.
Where do you get your transaction
You can pull the amount for the penalty from your transcripts.
❤ this
I filled one of these out. How do you know they received and respond to you?
I recommend sending it certified. It could take 3-9 months before you hear back.
@AmericasFavEA Wow I didn't know it took that long. I unfortunately didn't 😕 send it certified. I have to check. I didn't pay yet and they are sending the bill with interest! Grrr Thanks so much for responding!
@@JustWonderingMg you're welcome. Wishing you all the best! Keep in mind that only the penalty will be removed if they accept it.