IRS Settlement Deadline Approaches

Have you been naughty boy or girl with your tax??

Well here’s a chance to get it off your chest with a discount because the IRS has given taxpayers until Jan. 23, 2006 to file an election to take part in the global settlement program.

â€œThis is a last-chance opportunity for taxpayers to put these deals behind them,â€ said IRS Commissioner Mark W. Everson. â€œA recent tax law change involving interest calculation gives taxpayers an even bigger incentive to come forward.â€

The settlement program covers 21 transactions consisting of both listed and non-listed transactions. With the exception of applicable penalties, which vary depending on the level of abusiveness, the settlement terms are identical for all 21 transactions. Details on the covered transactions as well as the settlement terms can be found in Announcement 2005-80 and FS-2005-17.

This settlement initiative allows taxpayers the opportunity to quickly and efficiently close out a wide range of abusive transactions.

Those taxpayers, who may be tempted to bypass the settlement program, should not expect to receive a better offer in Appeals than the initiative terms and they may, in fact, see a less favorable outcome.â€

Taxpayers who bypass the settlement initiative and go to Appeals will not qualify for this exception but will incur the full interest charge on their tax deficiencies.

So here’s a last chance to clean up your tax with lower interest penalties - sounds too good to miss!

Learn more about tax at www.taxassistonline.com

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