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In addition, the IRS has announced that taxpayers who owe up to $50,000 in back taxes will now be able to enter into a streamlined installment agreements to catch up on any back taxes owed. Effective today (March 7, 2012). Under the streamlined installment agreement plan, Taxpayers must pay off their negotiated tax debt within 72 months, up from the prior maximum term limit of 60-months. Taxpayers can set up an installment agreement with the IRS by going to the On-line Payment Agreement (OPA) page on IRS.gov and following the instructions.
Finally the IRS has reemphasized that it has also expanded a new streamlined Offer in Compromise (OIC) program to help struggling taxpayers negotiate an agreement between the taxpayer and the IRS to settle the taxpayer’s tax liabilities for less than the full amount owed. For more information on Offers in Compromise see IRS Offers in Compromise and an IRS instructional video entitled, "How to Complete IRS Form 656: Offer in Compromise."
Tags: Unemployed Taxpayer Relief
Posted In: Tax Update
Blog Categories:Business Law Bulletin
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Disclaimer: The information presented on this web site was prepared by Melissa C. Marsh for general informational purposes only and does not constitute legal advice. The information provided in my articles and alerts should not be relied upon, or used as a substitute for professional legal advice from an attorney you retain to advise or represent you. Your use of this Internet site does not create an attorney- client relationship. Transmission of this article is not intended to create, and receipt of it does not constitute, an attorney-client relationship. All uses of the contents of this site, other than personal uses, are prohibited. You may print or email a copy of any information posted on this web site for your own personal, non-commercial, use, but you may not publish any of the articles or posts on this web site without the Express Written Permission of Melissa C. Marsh.
Located in Los Angeles, California, the Law Office of Melissa C. Marsh handles business law and corporation law matters as a lawyer for clients throughout Los Angeles including Burbank, Sherman Oaks, Studio City, Valley Village, North Hollywood, Woodland Hills, Hollywood, West LA as well as Riverside County, San Fernando, Ventura County, and Santa Clarita. Attorney Melissa C. Marsh has considerable experience handling business matters both nationally and internationally. We routinely assist our clients with incorporation, forming a California corporation, forming a California llc, partnership, annual minutes, shareholder meetings, director meetings, getting a taxpayer ID number (EIN), buying a business, selling a business, commercial lease review, employee disputes, independent contractors, construction, and personal matters such as preparing a will, living trust, power of attorney, health care directive, and more.