Browse Tag by Tax Levy Lawyer
Tax Law and Procedures

What are the four specific tax relief programs provided for taxpayers?

Florida Tax Relief is a program established by the Internal Revenue Service to help taxpayers who are having financial difficulties to pay their taxes. The program was designed to encourage taxpayers to file their federal and state income tax returns without fear of penalty or interest being imposed. The Internal Revenue Code also contains some very specific requirements that qualify each taxpayer for tax relief, including the inability to owe more than half of your eligible income for one taxable event. You can learn more about Florida Tax Relief from a Florida tax professional or a tax-resolution professional. If you are in need of a tax resolution expert in Florida, Call Defense Tax Partners at (844) 907-1401 for a free consultation with a Florida tax relief professional now!

 

 

The four specific tax relief programs provided for taxpayers include: Offer in Compromise (OIC), Currently Not Collectible status, Extended Determination Period, and Currently Not Collectible status for corporations. Sales tax relief for January, February, and March only apply to small retail businesses having monthly sales average less than $ Feinberg Number Six. Minimum installment payments for the four OIC states are $100. Retail trade payroll taxes are not covered.

 

Offer In Compromise (OIC) tax relief is available to taxpayers who have missed two consecutive state income tax payments. For those taxpayers, the OIC pays the balance due for the four previous years. There is a catch: Only those taxpayers who miss three or more state income tax payments can qualify for the OIC. The IRS has an automated e-filing system that allows taxpayers to file their electronically. There is an option to pay the entire balance or make partial payments, which are reported on the taxpayer’s federal income tax return and are included in the state income tax relief application.

 

Hurricane Insurance Premium Tax Credit provides tax relief for taxpayers affected by hurricane insurance. Hurricane insurance premiums are non-refundable, but the tax relief helps offset the cost of the premiums. Hurricane insurance premiums paid to the insurance company are deductible from the total tax liability on the taxpayer’s federal income tax return. The premium tax credit is scheduled to end on April 1st, 2009.

 

Tax Relief for Estates and Workshops is a comprehensive solution designed to help taxpayers resolve problems associated with estate planning. Tax relief for estates and worksheets provide tax relief for dispositions made during a living trust or as a revocable living trust. Tax relief for estates and worksheets was scheduled to end on April 1st, 2009. For the 2009 tax year, estates and worksheets are only eligible for tax relief if they were prepared to use proper estate planning methods and within the tax laws. To be eligible for the tax relief, estates and worksheets must be prepared in accordance with instructions provided by the tax law.

 

Tax Relief – Social Security death benefit is indexed and has been increased from $1 million to over two million dollars for a maximum of ten years. In addition, tax relief includes a one time benefit for survivors of a deceased spouse, who do not receive a refund, and a one-time benefit for dependent children and qualifying dependents who do not receive a refund. The maximum benefits are provided to married people who do not have dependent children.