The IRS has limited time to assess trust fund recovery penalties. Generally, the IRS has three years from the filing date of the employment tax returns to assess the trust fund recovery penalty. This seems simple but it does require further explanation.
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IRS New "Fresh Start" Program works!
Earlier this year the IRS announced the “Fresh Start” program. The IRS implemented this program to provide relief to struggling taxpayers. I discussed the need for program in my blog posting, “IRS Overwhelmed by Offer in Compromise Requests, Changes Made.” I must admit that I was a little skeptical of this program in the beginning. But now I am a believer.
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Bush tax cuts, what is at stake?
There has been a considerable amount of press on Bush Tax Cuts set to expire on December 31, 2012. What is not well publicized is there are many other tax provisions that have expired or are set to expire this year. So what really is at stake?
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IRS overwhelmed by Offer in Compromise requests, changes made
According to the Treasury Inspector General for Tax Administration (TIGTA) report, the IRS was overwhelmed by Offer in Compromise (OIC) requests. Due to the backlog of OIC requests, TIGTA recommended changes to the OIC program. The IRS did implement some of the recommended changes.