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Tax Returns Get User-Friendly This Year

January 14, 2009 by Chase
In light of the messy economic situation and the hardships our government is expecting Americans to endure in the coming months, the IRS has loosened its generally tight grip on the way it does business. Taxpayers should expect a little more leeway when it comes to paying their taxes, among other accommodations. Read and rejoice:

 

The IRS will offer added flexibility for those who need to miss payments

If you’ve lost your job or are dealing with another source of financial difficulty, the IRS may allow you to skip a payment or map out a reduced monthly payment plan.
Additional Reviews will be available for Offers in Compromise on home values
Taxpayers are now given the opportunity to reach an agreement with the IRS that would settle their debt for less than the full amount owed.

Steps will be taken to prevent Offer in Compromise defaults
Taxpayers can now contact their IRS office for options to help them avoid default if they’re unable to meet the periodic payment terms of their accepted OIC.
Collection Actions can be Postponed
If a taxpayer has recently encountered job loss or other financial problems, their IRS representative has been given greater authority to suspend collection actions.
Expedited Levy Releases have been made available
The IRS will now speed the delivery of levy releases by easing requirements on taxpayers who request such releases for hardship reasons.

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