On March 7, 2012, the Internal Revenue Service announced the expansion of its "Fresh Start" initiative to help struggling taxpayers by providing penalty relief to the unemployed and making installment payment agreements available to more people.
Under the new provisions, taxpayers who have been unemployed for at least 30 days will be able to avoid failure-to-pay penalties. In addition, installment agreements will be available to more people.
Generally, the new provisions will apply to taxpayers who earn less than $200,000 (joint filer) or $100,000 (single filer). This penalty relief will apply to taxpayers whose tax balance due does not exceed $50,000.
If you have any questions, contact Alan Ehrlich, Esq. at Alan@epgp-law.com
