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7 Secrets to Writing Inventory Procedures
You have permission to publish this article free of charge, as long as the resource box is included with the article. If you do run my article, a courtesy reply to sean@bizmanualz.com would be greatly appreciated. This article is 994 words long...
How to Make the Most of an At Home Money Making Business Opportunity
An at home money making business opportunity can be a great way to stay home and earn money. However, as with any opportunity, you should ask questions. First, examine the product the opportunity sells. Would most people want it? Would you want...
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Payroll Taxes
If you have employees, you are responsible for payroll taxes.
This is a term that lumps all the different forms of employment
taxes into one category known as "payroll tax". In reality,
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The Benefits Of Incorporating Your Business
What do General Motors, Microsoft, AT&T and many other major businesses in America have in common? They’re corporations. A corporation is a separate legal entity that functions separate and apart from its shareholders or owners. You can...
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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,
Associated Websites
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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