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How to prepare Form 870

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About Form 870

Form 870 is a legal document used in the United States by taxpayers who want to settle disputes regarding the amount of income tax they owe. It is specifically used for the purpose of reaching an agreement between the taxpayer and the Internal Revenue Service (IRS) on an agreed-upon amount of tax to be paid, thus avoiding a lengthy and costly tax court trial. The taxpayer typically initiates the process by submitting Form 870 to the IRS. It provides a framework for negotiating and finalizing the resolution of tax disputes, highlighting the agreed-upon deficiencies or underpayments. The form includes various sections that allow the taxpayer to specify the agreed-upon tax amount, any penalties or interest due, and methods of payment. Form 870 is primarily used by individuals, businesses, or other entities who are being audited by the IRS and wish to reach a settlement instead of going to tax court. It is essential for taxpayers who want to resolve their tax disputes promptly and efficiently while minimizing potential legal costs. However, it is important to note that tackling tax matters, including Form 870, can be complex. It is advisable to seek professional assistance from tax attorneys, certified public accountants (CPAs), or enrolled agents to ensure a fair and favorable outcome.

What Is Irs Form 870 Ad?

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Video instructions and help with filling out and completing Form 870

Instructions and Help about Form 870

And then we're um saving our copy of this right yeah it'll save to the local computer here then we'll have to move it with usb okay okay here we got our first question i assume you guys are wearing the video and audio feed are coming through they're all well there is it open mike it is now because we turned it on don't worry thank you for letting us know it's working okay just let me know if you need anything i don't know all about this but i might be able to help yeah i'll be right back there we go expand this a little bit i'll get rid of these there you go you're off now you're good to go okay i'm sure okay hello everybody um so they're all muted so you won't hear them okay thank you matthew so hello and welcome my name is janice and i'm the managing attorney of the low income taxpayer clinic here at maryland volunteer lawyer service we are delighted to welcome stephen kaufman who is going to be talking to us about the federal payroll tax case i hope you can all hear me um there is a section there for questions so if you do and stephen is welcoming questions throughout the talk so please feel free to write in your question and we'll read it aloud and stephen will answer it then so okay here we go thanks jen um hi i understand that the attendees include attorneys and cpas and enrolled agents and uh i feel kindred spirit with you guys i've been practicing law for 30 years plus or minus but um before i practiced law i went to loyola college and i majored in accounting and when i graduated from loyola i...