Tax Tip of the Week
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Fax: 856.667.3652
For the week of
November 6, 2000
Economic hardship could reduce your tax bill
The Internal Revenue Service has been given a mandate by Congress
to be more liberal with "compromises." Under these agreements, the IRS accepts less than the full amount
due in the interest of getting the matter settled once and for all.
What this means to those who really have their back to the wall with an unpaid federal tax bill is permanent relief.
People who can't pay their taxes because of a true economic hardship, such as that caused by a long-term illness
or disability, will fare better now with the IRS than they have in past years.
If you owe the IRS money, have an economic hardship, and have a history of filing your tax returns and paying your
taxes, you may qualify for favorable treatment under the "offer and compromise" rules.
If you would like additional information or need assistance, please contact us. We deal with the IRS on a regular
basis and would be happy to assist you.
Click here to view previous tax tips.
"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders,
and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
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to receive other tax-cutting information from time to time, please contact our office. We're here to help.
