Tax tip: IRS help for financially distressed taxpayers - Spokane, North Idaho News & Weather KHQ.com

Tax tip: IRS help for financially distressed taxpayers

If you are facing financial difficulties and struggling to meet your tax obligations the IRS can help. As the 2009 tax filing season begins, in addition to new credits, deductions and exclusions, the IRS is taking steps to help people who owe back taxes. Here are some areas where IRS can help:

  • Added Flexibility for Missed Payments: The IRS is allowing more flexibility for individuals with existing Installment Agreements who have difficulty making payments because of a job loss or other financial hardship. Depending on the situation, the IRS may allow a skipped payment or a reduced monthly payment amount. Taxpayers in this situation should contact the IRS.

  • Additional Review for Offers in Compromise on Home Values:  An Offer in Compromise (OIC), an agreement between a taxpayer and the IRS that settles the taxpayer's tax debt for less than full amount owed, may be a viable option for taxpayers experiencing economic difficulties.  However, the equity taxpayers have in real property can be a barrier to an OIC being accepted. With the uncertainty in the housing market, the IRS recognizes that the real-estate valuations used to assess ability to pay are not necessarily accurate. So in instances where the accuracy of local real-estate valuations is in question or other unusual hardships exist, the IRS is creating a new, second review of the information to determine if accepting an offer is appropriate.

  • Prevention of Offer in Compromise Defaults: Taxpayers who are unable to meet the periodic payment terms of an accepted OIC will be able to contact the IRS office handling the offer for available options to help them avoid default.

  • Postponement of Collection Actions: IRS employees will have greater authority to suspend collection actions in hardship cases where taxpayers are unable to pay. If an individual has recently encountered a job loss or other financial problem, IRS assistors may be able to suspend collection in some situations without documentation to minimize burden on the taxpayer.

  • Expedited Levy Releases: The IRS will speed the delivery of levy releases by easing requirements on taxpayers who request expedited levy releases for hardship reasons. Taxpayers seeking expedited releases of levies to an employer or bank should contact the IRS number shown on the notice of levy to discuss available options. When calling, taxpayers requesting a levy release due to hardship should be prepared to provide the IRS with the fax number of the bank or employer processing the levy.

If you are behind on tax payments there could be additional help available if you are facing an unusual hardship situation.  For assistance with your back taxes contact the phone numbers listed on your IRS correspondence.

More information is available on the IRS web site at IRS.gov.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Retired Spokane Police captain seriously hurt in Costa Rica crash

    Retired Spokane Police captain seriously hurt in Costa Rica crash

    Monday, November 12 2018 10:31 PM EST2018-11-13 03:31:20 GMT
    Holly and Keith Cummings (Photo: GoFundMe)Holly and Keith Cummings (Photo: GoFundMe)

    SPOKANE, Wash. - A retired Spokane Police captain is fighting for his life in the hospital.   Keith Cummings and his wife Holly were on vacation in Costa Rica and got into a head-on crash with another truck on Friday. In an online fundraiser, their daughter, Rachel Durkin, said her mother is recovering in a hotel room with several facial fractures and a pelvic fracture.

    >>

    SPOKANE, Wash. - A retired Spokane Police captain is fighting for his life in the hospital.   Keith Cummings and his wife Holly were on vacation in Costa Rica and got into a head-on crash with another truck on Friday. In an online fundraiser, their daughter, Rachel Durkin, said her mother is recovering in a hotel room with several facial fractures and a pelvic fracture.

    >>
  • What you need to know about Initiative 1639's "safe storage" restriction

    What you need to know about Initiative 1639's "safe storage" restriction

    Monday, November 12 2018 8:17 PM EST2018-11-13 01:17:30 GMT

    SPOKANE, Wash. - It's been nearly one week since Washington voters passed Initiative 1639, a sweeping package of stricter gun regulations - particularly for semiautomatic rifles. While the measure raises the minimum age to purchase semiautomatic rifles to 21, creates enhanced background checks, and forces customers to wait 10 days before taking possession of the firearm, I-1639 lays the framework for "safe storage" of semiautomatic rifles

    >>

    SPOKANE, Wash. - It's been nearly one week since Washington voters passed Initiative 1639, a sweeping package of stricter gun regulations - particularly for semiautomatic rifles. While the measure raises the minimum age to purchase semiautomatic rifles to 21, creates enhanced background checks, and forces customers to wait 10 days before taking possession of the firearm, I-1639 lays the framework for "safe storage" of semiautomatic rifles

    >>
  • Spokane Police arrest drunk drive-by shooting suspect

    Spokane Police arrest drunk drive-by shooting suspect

    Tuesday, November 13 2018 10:51 AM EST2018-11-13 15:51:56 GMT

    SPOKANE, Wash. - Spokane Police arrested a 41-year-old man they say fired shots in downtown Spokane while driving drunk.  Officers were called to the area of Sprague and Browne at approximately 9:30 pm Monday for a report of multiple shots fired in the area. The first officers were on scene in less than a minute. A security officer in the area was able to provide a description of the suspect's SUV and a direction of travel. 

    >>

    SPOKANE, Wash. - Spokane Police arrested a 41-year-old man they say fired shots in downtown Spokane while driving drunk.  Officers were called to the area of Sprague and Browne at approximately 9:30 pm Monday for a report of multiple shots fired in the area. The first officers were on scene in less than a minute. A security officer in the area was able to provide a description of the suspect's SUV and a direction of travel. 

    >>
HD DOPPLER 6i
/