New law expands innocent spouse relief and creates election
Article Abstract:
Certain provisions of the Internal Revenue Service Restructuring and Reform Act of 1998 expand innocent spouse relief from joint and several liability for spouses who submit joint tax returns. Under Secs 6015(b) and (c), a joint filer can now make an election to limit liability to deficiencies that arise only from erroneous tax items. Qualification for innocent spouse relief becomes easier, thereby providing them better protection against liability for understatements of tax they had no knowledge of or reason to have knowledge of. Instead of being joint and several, liability can now be allocated while complete relief becomes more feasible. However, taxpayers must elect them in a timely manner because these protections are not automatic.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1998
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No simple solution for the marriage penalty quandary
Article Abstract:
The author explains the problem with tax reform aimed at eliminating or reducing the "marriage penalty" because some existent tax provisions in fact benefit some or all married persons. Private and public recommendations are evaluated from practical and policy perspectives.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 2000
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New law offers tax relief for individuals - but only temporarily
Article Abstract:
The author examines the Economic Growth and Tax Relief Reconciliation Act of 2001 and the tax benefits it offers individuals.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 2001
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