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The Bottom Line
 
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IRS Helping Unemployed

Updated: Friday, August 2 2013, 09:17 PM EDT
Relief for the unemployed this tax season, coming from the IRS.

The
agency is announcing steps to help some taxpayers, struggling with their bottom line - and it's not just the unemployed receiving that help.

Dori
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"
penalties.

Those typically are assessed each month that a taxpayer is
late.

The IRS is also allowing the same grace period for
self-employed taxpayers, who saw their income drop by 25% or more in
2011.

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
15th
, 2012.

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: dmarlin@wrgb.com.IRS Helping Unemployed


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