IRS's "Fresh Start" Program Expands Payment Options  

Oleh:

Gervie, Mary Lou

Jenis: Article from Bulletin/Magazine
Dalam koleksi: Journal of Accountancy vol. 214 no. 4 (Oct. 2012), page 56-59.
Topik: Income Tax Returns; Initiatives; Debt; Compliance; Payments

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ85.33 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Clients should always be encouraged to file their returns on time and pay as much of the balance due as possible, but those that cannot pay in full are not out of options. Changes the Internal Revenue Service (IRS) has made as part of its "Fresh Start" initiative over the past two years have made it easier for taxpayers to qualify for alternative payment programs. If a client is unable to pay in full, Sec. 6159 allows the IRS to enter into a monthly payment plan (installment agreement). The IRS also has the authority to settle the tax, penalties, and interest by negotiating an offer in compromise. This is a contract between the taxpayer and the government to settle the tax debt for less than the full amount owed. An installment agreement allows the taxpayer to pay the tax debt in monthly payments, provided certain prerequisites are met.

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