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Video instructions and help with filling out and completing Form 14653 example

Hi this is anthony parent appearance and parent LLP the IRS medic and in the news is we have tax reform and it seems like a lot of people are waiting to see what happens with that before they deal with a back tax problem and in this video i'm going to explain why that really might be the wrong thing to do and exactly the wrong thing to do right now so right up here I have some some some key figures from an actual client we're filing in an offer and compromise for I'm going to go through those and how show you how little difference and what your current tax rate is can really frustrate a deal a really good settlement so this is this gentleman this client is actually an attorney believe it or not we probably represent more attorneys than any other profession and as you can imagine something make a decent income and things get out of control really quick there's a lot of a lot of stress attorneys have and their businesses are all over the place so a little a little sympathy if you will for our attorney friends so here we have our income and this is this is really basically things that we put into the six five six oh I see form which creates the formula on what your offer and compromise amount should be now our client has not exactly been doing the right thing for a few years we have about a million dollars he owes his incomes there's about eighteen hundred dollars in wages and right here it has distributions from his partnership for $34,000 a year giving them a total monthly amount of thirty five thousand eight hundred dollars and some of you might say what what's the problem here that's a lot of money live on and I guess it always is unless you're the person and let's just say the expenses in order to make that kind of money you're living in a high expense place that's just that's the way it works so he's sort of falling behind on everything's and he one of those things as taxes so with that we need to subtract what his allowable monthly expenses are now sometimes allowables people often put in just the IRS is own allowable expenses and not make argument or anything more that's one way to do it but you might want to see if you can get some allowables higher than the standards but in this case we just I just grouped together a whole bunch of expenses here because I really want to focus on the big issue he's got ninety hundred dollars in monthly expenses for for his house property taxes for where he lives and he has to live where he lives in order to make this kind of money he's got a term life policy called clothing miscellaneous $1,900 now this is what I want to.