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News To Know: Mercy From The Tax Man

Posted on 01/7/2009 by |Archived Contributor | Comments

Money & Savings Print Print

In a response to the continued economic hardships facing millions of Americans, the IRS has given its agents new leeway in allowing taxpayers to defer penalties on late payments. Agents can take many variables into account including recent job loss and high medical expenses. I’m sure a lot of folks will appreciate a little leniency from the normally stingy IRS. Another group of people who may be getting a break from the IRS are those unfortunate investors in the Madoff scheme. The IRS could let them write off their losses in a move that would cost up to $20 billion in lost revenue.