For the 2008 tax season, the Internal Revenue Service expects to process 250 million returns, including 130 million from individuals. Given the state of the economy this year, the agency has granted tax agents special authority to work with people who are struggling to pay their bills. Additionally, the IRS is offering to waive late penalties, negotiate new payment plans and postpone asset seizures for delinquent taxpayers who are financially strapped but make a good-faith effort to settle their tax debts.
The most important thing you can do if you believe you may have trouble paying your tax bill is to contact the IRS immediately. "The worst thing someone can do is go dark and not be in a discussion with us," said IRS Commissioner Doug Shulman. There are steps the agency has pledged to take to help ease the burden of stressed citizens.
Read the government's latest release and "The 'What Ifs' of an Economic Downturn," which includes answers to questions such as
What if I can't pay my taxes?,
What if I lose my home through foreclosure? and What if I lose my job?
Visit Govspot's comprehensive tax center for more advice and the official forms you need to make your return a breeze.
SOURCES: IRS, The Associated Press
--- J. Cendrowski
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