Don't Let The Bad Economy Get You Down!
Mar 23, 2009 5:59 pm US/Eastern
IRS Gives Some Taxpayers Flexible Options
(CBS4)
The income tax deadline is just 23 days away, and
CBS4's Tax Tips Phone Bank was up and running on Monday, explaining to people how the IRS is helping those who owe them money in a way the agency has never done so before.
From record unemployment rates to families losing their homes, to foreclosures—we're going through the toughest economic times since the great depression, and on top of that many have to find enough money by April 15th to pay their income taxes.
"I think part of the problem…not much of a surprise," said Miami taxpayer Lorenzo Lebrija.
To help financially-strapped taxpayers, the IRS just released several new plans, making it easier to keep up with your tax bills.
"If you haven't filed yet, and you can't pay your taxes, my advice is file that tax return, get it in on time, and maybe we can work out a payment agreement with you so don't delay filing," said IRS spokesman Mike Dobzinski.
The latest "distressed taxpayer plan" allows taxpayers to negotiate repaying their tax bills, and can postpone the IRS's collection process. It allows more flexibility for missed payments rather than automatically placing delinquent taxpayers into immediate default proceedings.
It also takes into account current home values in negotiating payments based on taxpayers' total assets.
Distressed Taxpayer Plan:
-Postponing Collection Actions
-Flexibility for Missed Payments
-Default Prevention
-Review of Home Values
"If you've missed a payment on a payment agreement you have with the IRS, or you can't afford to pay your taxes, maybe we can suspend collection, work with you to renegotiate a payment agreement," said Dobzinski. "We are really trying to reach out and work with taxpayers because we recognize taxpayers may be financially distressed"
And remember, if you're getting a refund most experts recommend against paying anything extra for those refund anticipation loans. If you e-file, and have your refund direct deposited to your bank, the IRS says you can get your money back in less than two weeks, if not a lot sooner.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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