On March 16, 2012 the Internal Revenue Service released the Fresh Start Penalty Relief Initiative. The failure-to-pay penalty that is assessed if taxes are not paid by this year’s April 17 deadline has changed.

This initiative provides eligible taxpayers with a six-month extension to fully pay 2011 taxes. Interest will run on the 2011 taxes from April 17, 2012, until the tax is paid, but no failure-to-pay penalties will be incurred if tax, interest and any other penalties are paid in full by Oct. 15, 2012.

IRSVideoNews

(Transcript)
HERE’S A TIP FROM THE I-R-S.

HI…I’M THERESA AND I WORK FOR THE INTERNAL REVENUE SERVICE.
DO YOU OWE BACK TAXES…BUT BECAUSE OF YOUR FINANCIAL SITUATION…YOU’RE HAVING A HARD TIME PAYING THEM?
WELL…WE WANT YOU TO KNOW THAT THE I-R-S WANTS TO HELP YOU OUT.
HERE’S HOW.
FIRST…IF YOU’VE BEEN UNEMPLOYED FOR 30 DAYS OR MORE IN 2011 OR 2012 THROUGH APRIL 17TH…WE CAN WAIVE THE LATE PAYMENT PENALTY FOR SIX MONTHS.

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