Leadership Development...
is the key to 21st. Century Success in business. Harness the power of your peers to help you develop your employees, managers & successors!
| D-I-Y Strategic Planning...
allows you to make strategic decisions about your company's direction every time - all with the help of your peers!
| You'll Make Better Decisions...
when your ideas are challenged and your assumptions tested, continually and strategically - by a caring group of your peers!
|
|
Changes To Irs Tax Settlement Rules
By Richard A. Chapo
In recent years, the IRS has made a concerted effort to get people back into good status by reaching deals on overdue taxes. The rules affecting this program have just changed dramatically.
Changes to IRS Tax Settlement Rules
The IRS used to be the terror in most peoples nightmares. Specifically, people who got behind on their taxes lived in dread of having the IRS catch up with them and freeze their bank account, sell off their home and so on. To promote voluntary resolutions, the IRS instituted a program known as the offer in compromise.
The offer in compromise program was designed to let taxpayers with back tax problems resolve their problems voluntarily. Instead of waiting for the IRS to catch up to them, taxpayers could come forward and essentially admit their sins. In exchange for this voluntary action, the IRS would consider a reduction of the amount past due including penalties and interest. To be frank, the program
Our articles continue...
|
Silent thief stealing cotton patch profitsFront Page NewsAFBF: Low commodity prices likely to lingerFront Page NewsAFBF annual meeting planned in San AntonioOther NewsSkaggs named associate dean for A&M undergraduate programsOther NewsPrescribed burn workshops planned in 2009Front Page NewsSouthwest Beef Symposium coming to MidlandFront Page NewsTop U.S. trade officials meet with EU on use of growth promotants Front Page NewsMeat exports still holding strong in 2008Front Page NewsUSDA purchases lamb for federal nutrition programsOther News
was a massive success. Starting July 16, 2006, the offer in compromise program is undergoing changes pursuant to a new federal law. Ironically, the small government Republican majority in Congress pushed through this nasty piece of legislation known as the Tax Increase Prevention and Reconciliation Act of 2005. The legislation dictates very specific changes to the offer in compromise program. The biggest change is the new 20 percent rule. Pursuant to the new legislation, a taxpayer that has problems with past due taxes must send in 20 percent of the offer amount with their offer in compromise. The amount is not refundable nor will any offer in compromise be acknowledged if the funds are not submitted. The logic behind this legislation is baffling to many. When a taxpayer gets behind on tax payments, they almost always get way behind. It is rare to find someone who is only one year in arrears. Ostensibly, most people that miss one year take the head in the sand approach. Fearing all kinds of trouble, they just ignore the situation. When the next year rolls around, they don’t file again because they are worried about alerting the IRS. As a result, the amount of taxes due grows and grows, particularly when penalties and interest are added. While the offer is a small percentage of this amount, the basic idea is that you don’t have enough money to pay the bill in the first place. The 20 percent requirement seems to serve no purpose other than to give people another reason to ignore the problem. The offer in compromise was originally designed to get people back into the system. Studies and statistics showed that the government would collect far more in revenues over the years if taxpayers were given a clean start. For all intensive purpose, the new 20 percent rule conflicts with this purpose and hurts this program. Article Source: http://www.Article-Warehouse.com Richard A. Chapo is with BusinessTaxRecovery.com - providing tax information.
Here are some more estate planning articles...
Indian Real Estate: A Dlf Road To Success
By Property
The last couple of years have seen the investments of property and real estate investors go up, up and away, with real estate appreciating 10-times over in the past 3-years, in Bangalore alone. Read more...
|
Belasting: Income Tax In The Netherlands
By Ckint Jhonson
Corporate income tax and income tax are different by the character of those paying this tax. While the former tax is the legal responsibility of corporations (as the name itself indicates), the Read more...
|
Give A Little, Get A Lot
By Jennifer Johnson, Sat Dec 10th
According to a new survey carried out by Alliance & whereID_NUM=9270; Leicester, one in five small business owners viewtax as their greatest concern. The Chancellor has announced inhis last budget Read more...
|
Adult Add And Taxes
By John MacKenzie -
I know you still have about three months until you have to file your U.S. tax forms, but now is a good time to think about taxes. Many adults with ADD would rather scrub the floor with a toothbrush Read more...
|
| estate michigan real tax news: |
Use the Rule of 72 to Estimate How Long it Takes Your Money to Double
Have you ever wondered how you can quickly estimate how fast your money or investments will grow? Sure, you can plug numbers into a financial calculator or software program to...Be Aware of the Warning Signs of Too Much Debt
Is paying off debt bogging you down and keeping you from reaching your financial goals? Using credit and can be a powerful tool that allows you to buy a home,...Save Money on Groceries With These Shopping Tips
With a weak economy, high gas prices, and increasing inflation, you're probably finding that your dollar doesn't go as far at the grocery store as it used to. Groceries and...Do You Have the Stock Market Blues? Use This Time to Educate Yourself
For the past year now, stock markets here and abroad have been going down. Things really got ugly in October, and many investors are faced with investment losses of 30%...Comparing the Different Types of Health Insurance Plans
It's open enrollment season for many employer benefits, and that means it's time to review and select your health care benefits. Are you confused by all of the health insurance...
|
Arranging to make sure your assets pass to those who you want to have them after your death.
|
|
