Penalty Relief
 The IRS announced plans for new penalty relief for the unemployed on failure-to-pay penalties, which are one of the biggest factors a finan-cially distressed taxpayer faces on a tax bill.

 To assist those most in need, a six-month grace period on failure-to-pay penalties will be made available to certain wage earners and self-employed individuals. The request for an extension of time to pay will result in relief from the failure to pay penalty for tax year 2011 only if the tax, interest and any other penalties are fully paid by Oct. 15, 2012.

Installment Agreements
The Fresh Start provisions also mean that more taxpayers will have the ability to use streamlined installment agreements to catch up on back
taxes.
 The IRS announced today that, effective immediately, the threshold for using an install-ment agreement without having to supply the IRS with a financial statement has been raised from $25,000 to $50,000. This is a significant 
reduction in taxpayer burden.
Taxpayers who owe up to $50,000 in back taxes will now be able to enter into a streamlined agreement with the IRS that stretches the payment out over a series of months or years. The maximum term for streamlined installment 
agreements has also been raised to 72 months from the current 60-month maximum.

Protect
Your Indentity

Beware of the SSI Rebate scam. There are identity theivies trying to get your personal information so be careful who you give your information to.