The IRS “Fresh Start” initiative was introduced last year as a response to the inability of struggling taxpayers to pay their taxes. In 2012, the IRS is significantly expanding the program with two major additions.
First, there will be a new “failure-to-pay penalty relief” for two categories of taxpayers:
- Wage earners who have been unemployed at least 30 consecutive days during 2011 or in 2012 up to the April 17 deadline for filing a federal tax return this year
- Self-employed individuals who experienced a 25 percent or greater reduction of business income in 2011 due to the economy [Read more…] about New Additions to IRS “Fresh Start” Program