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Coming to a business like yours: webware
COMING TO A BUSINESS LIKE YOURS: WEBWARE! By Alan Canton Whether you sell a product, a service, or a combination of both, those who are successful have one thing in common... an efficient back-office. But the “cost” of an efficient office has...
Death And Taxes - Two Certainties Of Life
(NC)-There are no estate taxes or succession duties in Canada. However, taxes upon death have not disappeared. When a person dies, there is a 'deemed disposition' of all capital property. What does that mean? It means that the...
How to Check the Status of Your Tax Refund Online
So, you were pleasantly surprised to learn that you are getting a refund on your taxes. Congratulations! The IRS expects to issue approximately $54 billion dollars in refunds for the 2003 tax year. The question for most taxpayers expecting a...
My House is the Best Contest is over!
RealEstateGates.com ( http://www.realestategates.com ) is happy to announce that My House Is the Best international contest ( http://www.realestategates.com/favorite-house.html ) organized by the portal is successfully over. According to the rules...
Preparing for Your Tax Interview: The “What to Bring” Checklist
Whether you're filing a tax return for the first or 50th time, tax preparation can be a time-intensive process. It can be very stressful too: you want to make sure you do everything correctly and get your return filed on time. The experts at Jackson...
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Innocent Spouses - Relief From Taxes
Historically, tax issues arising from bad marriages fell into the category of “better or worse” for marriages. The IRS granted no innocent spouse tax relief, but has changed its views.
Tax Relief
When a marriage has problems, finances are almost always one of the elements that contribute to the strife. This can be particularly true where spouses file a joint tax return, which the both sign as tax payers. If the information provided on the tax return is false or inaccurate, the IRS has historically viewed both spouses as liable for the resulting assessments. If the relevant taxes were not paid, the IRS would also look to both spouses to pay the delinquent amount. In worse case scenarios, this can include criminal charges for tax evasion.
Fortunately, the IRS has modified its view of the liability of joint filers. The IRS now recognizes that innocent spouses can’t control their deadbeat former spouses. It allows such innocent spouses to claim three types of tax relief:
1. Innocent Spouse Relief
2. Relief by Separation of Liability
3. Equitable Relief
If the IRS comes after you for the tax liability of a former spouse, you can seek tax relief under these three theories if you meet all the following requirements. First, you filed a joint return with inaccurate information. Second, you didn’t know of the inaccuracies and didn’t have any reason to. Finally, taking into consideration the situation, holding you liable for the tax would be unfair.
The IRS will evaluate your application and render a ruling on your application. The IRS may agree to simply waive any tax claim against you and go after the deadbeat spouse as the sole debtor. Alternatively,
the IRS may split the tax into a his and her account, only requiring you to pay one half of the amount due. While this may not sound great, it will immediately cut your tax bill in half.
In rare cases, you can seek equitable relief from the IRS. Equitable relief simply is another way of saying making you pay the tax would be manifestly unfair. You must show you and the spouse did not transfer assets as part of an fraudulent scheme, didn’t transfer assets with the intention of evading taxes, didn’t intend to commit fraud, didn’t pay the taxes due and you didn’t know what your spouse was up to. Equitable relief claims need to be handled very carefully as the IRS views them with a very cynical eye. Nonetheless, they are a last step that can be taken when all else has failed.
It is highly recommended that you use a professional when seeking innocent spouse tax relief, as the IRS can be very cynical in evaluating such claims. Unfortunately, we do not provide this service, but you can click the links on the right hand of this page to find professionals that will help you out.
About the Author: Richard A. Chapo is with http://www.businesstaxrecovery.com - recovery of business taxes through tax help and tax relief. Visit http://www.businesstaxrecovery.com/articles to read more business tax articles.
Source: www.isnare.com
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| The US government agency responsible for tax collection and tax law enforcement. Includes income tax forms, instructions, and agency publications. |
| www.irs.gov |
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| Tax Information for Individuals |
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| Taxes: Tax Planning, Tools and Advice - MSN Money |
| Microsoft's Tax Preparation site, in association with Tax Server. |
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| Tax - Wikipedia, the free encyclopedia |
| Governments use different kinds of taxes and vary the tax rates: ... Taxes are most often levied as a percentage, called the tax rate, of a certain value, ... |
| en.wikipedia.org |
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| H&R Block | Taxes, Online Tax Preparation, Tax Software, Filing ... |
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| TaxCut Online | H&R Block | Online Taxes, File Taxes Online ... |
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| Income Taxes, Tax Returns, Refunds, Deductions and E-File Software ... |
| Popular tax preparation software by Intuit. Integrates with Quicken, spreadsheets and offers state by state electronic filing. |
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| Taxes & Estates, Tax and Estate Planning Advice - Forbes.com |
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| Essential Links to Taxes |
| TurboTax Premier For Federal Returns 2005 Win/Mac, TurboTax Total Tax Solution Deluxe 2005 with State Win/Mac, TurboTax Basic 2005 Win/Mac... ... |
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| money.cnn.com |
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| The Tax Foundation - Educating Taxpayers Since 1937 |
| Devoted to educating taxpayers about tax policy and the total tax burden borne by Americans at all levels of government. |
| www.taxfoundation.org |
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| Welcome to the Vermont Department of Taxes |
| Welcome to the Vermont Department of Taxes... ... Changes to Property Tax Adjustments in 2007 - updated 10/18. - Tax Expenditures Transition Report on ... |
| www.state.vt.us |
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| Franchise Tax Board Homepage |
| The department that collects state personal income taxes and bank and corporation taxes for the State of California. Access to forms and tax information. |
| www.ftb.ca.gov |
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| HM Revenue & Customs: Home Page |
| News and information on tax and national insurance, including downloadable leaflets and forms and the latest news on filing tax returns on-line. |
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| State and Local Tax |
| Piper Resources; State Tax Rates and Structure ...Federation of Tax Administrators; State Payroll Taxes Information ...Symmetry Software ... |
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| Quicken.com |
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| Tax news and advice from Bankrate.com |
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| Online Tax Advice - Tax Preparation Help - Income Tax Tips |
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