Tax season is just around the corner. Few people look forward to it, but those who are concerned they may owe taxes approach this time with particular apprehension. According to the OSCPA , there are options for those who need more time to file their returns or who are having trouble paying what they owe including:
Get a fresh start.
The IRS’s expanded “Fresh Start” initiative is aimed at people who have lost their jobs and are having trouble paying their taxes as a result. The program offers a grace period on penalties for some taxpayers who have been unemployed 30 consecutive days or longer. Self-employed people whose business income fell 25 percent or more in 2011 may also qualify. In addition, the IRS has recently begun offering more flexible terms to its Offer in Compromise program, with new penalty relief, a widened pool of people eligible to use streamlined installment agreements to pay back taxes and changed lien practices. Ask your CPA for more details if you believe you may qualify.