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Changes To Irs Tax Settlement Rules
By Richard A. Chapo
In recent years, the IRS has made a concerted effort to get people back into good status by reaching deals on overdue taxes. The rules affecting this program have just changed dramatically.
Changes to IRS Tax Settlement Rules
The IRS used to be the terror in most peoples nightmares. Specifically, people who got behind on their taxes lived in dread of having the IRS catch up with them and freeze their bank account, sell off their home and so on. To promote voluntary resolutions, the IRS instituted a program known as the offer in compromise.
The offer in compromise program was designed to let taxpayers with back tax problems resolve their problems voluntarily. Instead of waiting for the IRS to catch up to them, taxpayers could come forward and essentially admit their sins. In exchange for this voluntary action, the IRS would consider a reduction of the amount past due including penalties and interest. To be frank, the program
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was a massive success. Starting July 16, 2006, the offer in compromise program is undergoing changes pursuant to a new federal law. Ironically, the small government Republican majority in Congress pushed through this nasty piece of legislation known as the Tax Increase Prevention and Reconciliation Act of 2005. The legislation dictates very specific changes to the offer in compromise program. The biggest change is the new 20 percent rule. Pursuant to the new legislation, a taxpayer that has problems with past due taxes must send in 20 percent of the offer amount with their offer in compromise. The amount is not refundable nor will any offer in compromise be acknowledged if the funds are not submitted. The logic behind this legislation is baffling to many. When a taxpayer gets behind on tax payments, they almost always get way behind. It is rare to find someone who is only one year in arrears. Ostensibly, most people that miss one year take the head in the sand approach. Fearing all kinds of trouble, they just ignore the situation. When the next year rolls around, they don’t file again because they are worried about alerting the IRS. As a result, the amount of taxes due grows and grows, particularly when penalties and interest are added. While the offer is a small percentage of this amount, the basic idea is that you don’t have enough money to pay the bill in the first place. The 20 percent requirement seems to serve no purpose other than to give people another reason to ignore the problem. The offer in compromise was originally designed to get people back into the system. Studies and statistics showed that the government would collect far more in revenues over the years if taxpayers were given a clean start. For all intensive purpose, the new 20 percent rule conflicts with this purpose and hurts this program. Article Source: http://www.Article-Warehouse.com Richard A. Chapo is with BusinessTaxRecovery.com - providing tax information.
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Real Estate Information On Website
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Released on = May 20, 2006, 11:55 pm Industry = Real Estate & PropertyKnowledge is the key to success in any industry, but especially in the real estate field. If you know some simple Read more...
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Real Estate Price Gains Attract New Buyers To Malta
By Michael Johnson
British and European investors looking for high growth in 2007 are hoping for a repeat of the property inflation seen in Malta when it joined the EU in 2004, and it could become reality with the news Read more...
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If you are just starting out as a real estate agent, it can be difficult to get started selling commercial real estate. However, commercial real estate is the big money maker in the real estate Read more...
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Year-end Health Savings Account Tax Strategies
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2006-11-24 Year-end Health Savings Account Tax Strategies2007 is just around the corner, and there are several issues to consider Read more...
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Western citrus leaders anxious to learn from Texas HLB
MaryLou Polek of the California Citrus Research Board concurs with other Western citrus leaders: It is a matter of when ? not if ? citrus greening disease is found in California and Arizona.
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Ariozna alfalfa conditions remain mostly fair to good. Harvest continues in a few areas across the state.
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National Cattlemen's Beef Association
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The center of CAFO concern stems from what was referred to as a serious overreach of EPA's authority. NCBA Deputy Environmental Counsel Ashley Lyon said the proposed rule could put the nation's food system at risk of increased terrorist attacks.
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Dryland grain growth and development improved from recent rains. However, crops were irrigated since more precipitation was needed to sustain growth.
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Biotech crops were planted by 16.7 million farmers in 29 countries, up from 15.4 million farmers in the same number of countries in 2010. The global value of biotech seed alone was $13.2 billion in 2011, with the end product of commercial grain from biotech maize, soybean grain and cotton valued at $160 billion or more per year.
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U.S. organic dairy, beef, sheep, goat, and bison producers exporting products to Canada will benefit from more streamlined trade.
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refers to the actions which a person may take to arrange their affairs in order to maximise the value of their estate, minimise tax liability and give consideration to what should be included in a legal will, the appointment of an executor, provision for the power of attorney and the use of ...
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