Posted on: 22nd Mar, 2010 09:30 am
The Internal Revenue Service is providing numerous resources for taxpayers who are unemployed or struggling financially.
Among the items available to this segment of the population will be: more flexibility in arranging for compromises in amounts owed, a series of "open houses" that will allow taxpayers to have face-to-face meetings with IRS agents in an effort to work out existing problems, a special outreach program for unemployed taxpayers and the availability of more information on a special section of the IRS website (irs.gov).
As an example of the compromise flexibility afforded, IRS agents can take into account a taxpayer's income when negotiating for a lesser payoff than is actually owed. Formerly, previous years' income had been the standard by which negotiations were conducted.
Effective on March 27, and on three additional Saturdays during spring and summer of 2010, there will be open houses held at local IRS offices, allowing taxpayers to visit and address their issues with agents. In addition, there will be assistance available to those seeking information about some of the special tax breaks included in the American Recovery and Reinvestment Act from last year, such as Homebuyer tax credit, American Opportunity credit, Making Work Pay credit and Expanded Earned Income credit. The dates and times of these open houses are yet to be announced.
The IRS is also working with State revenue and workforce departments to further assist those who are unemployed or having other financial difficulties. This coordinated effort may allow taxpayers to settle with both Federal and State tax agencies at the same time, in making payment arrangements.
There is also a new section of the IRS website that will provide a great many resources to struggling taxpayers, including links to information on tax assistance and tax relief.
For those who have a need and/or desire to investigate the IRS' new outreach resource, simply type in "struggling taxpayers" in the search box on the main page of their website. That website is, again, irs.gov.
Among the items available to this segment of the population will be: more flexibility in arranging for compromises in amounts owed, a series of "open houses" that will allow taxpayers to have face-to-face meetings with IRS agents in an effort to work out existing problems, a special outreach program for unemployed taxpayers and the availability of more information on a special section of the IRS website (irs.gov).
As an example of the compromise flexibility afforded, IRS agents can take into account a taxpayer's income when negotiating for a lesser payoff than is actually owed. Formerly, previous years' income had been the standard by which negotiations were conducted.
Effective on March 27, and on three additional Saturdays during spring and summer of 2010, there will be open houses held at local IRS offices, allowing taxpayers to visit and address their issues with agents. In addition, there will be assistance available to those seeking information about some of the special tax breaks included in the American Recovery and Reinvestment Act from last year, such as Homebuyer tax credit, American Opportunity credit, Making Work Pay credit and Expanded Earned Income credit. The dates and times of these open houses are yet to be announced.
The IRS is also working with State revenue and workforce departments to further assist those who are unemployed or having other financial difficulties. This coordinated effort may allow taxpayers to settle with both Federal and State tax agencies at the same time, in making payment arrangements.
There is also a new section of the IRS website that will provide a great many resources to struggling taxpayers, including links to information on tax assistance and tax relief.
For those who have a need and/or desire to investigate the IRS' new outreach resource, simply type in "struggling taxpayers" in the search box on the main page of their website. That website is, again, irs.gov.
are you aware of what those issues may be? is it that you have a high concentration of investors owning units? that'll be a deal-killer for a lot of condos these days. if you are an existing owner, you will probably have to seek out an alternative lending source, such as a credit union or a community-type bank (small bank) that wouldn't necessarily use secondary market guidelines for their underwriting.
It is good to hear that IRS is now extending its helping hand to those who are battling with the challenges of unemployment in this recession-hit market. With thousands of people being unemployed and struggling to make their ends meet, such an effort on the part of the IRS is welcome.
What I like about this new effort is that now the tax payer's current income situation will be taken into consideration to negotiate a lesser payoff than what is actually owed. This will help those who have suffered a recent job loss or pay-cut or a reduction in the working hours. Since the IRS and the state tax authorities will work together in this effort, the tax payers will now be able to take care of their federal and state tax issues simultaneously. So, this is no doubt another benefit the tax payers will get from this effort by the IRS.
What I like about this new effort is that now the tax payer's current income situation will be taken into consideration to negotiate a lesser payoff than what is actually owed. This will help those who have suffered a recent job loss or pay-cut or a reduction in the working hours. Since the IRS and the state tax authorities will work together in this effort, the tax payers will now be able to take care of their federal and state tax issues simultaneously. So, this is no doubt another benefit the tax payers will get from this effort by the IRS.
