IRS Helping Unemployed
Updated: Friday, August 2 2013, 10:17 PM EDT
Relief for the unemployed this tax season, coming from the IRS.
agency is announcing steps to help some taxpayers, struggling with their bottom line - and it's not just the unemployed receiving that help.
Marlin reports that taxpayers unemployed for 30 consecutive days or more, during
2011 - or for the same amount of time, before the tax deadline in 2012 - will be
allowed a six-month grace period, on "failure to pay"
Those typically are assessed each month that a taxpayer is
The IRS is also allowing the same grace period for
self-employed taxpayers, who saw their income drop by 25% or more in
An agency spokesperson tells Dori, this is the first time for
the waiver - and people qualifying for it "do" still have to pay the tax,
interest, and any other penalties in full by October
On top of that, the IRS is now allowing
more taxpayers to spread out their payments: Before, taxpayers with
bills as high as $25,000 qualified for installment payments; now, those with
bills totalling up to $50,000 are eligible.
For more information,
visit the IRS official website here: www.irs.gov.
And if something is affecting your Bottom Line that you want Dori to look
into, e-mail her here: email@example.com.