Chicago, IL (PRWEB) March 01, 2013
CTR is excited to announce expanded assistance that will soon be available to farmers across the United States. The company’s team has studied the new IRS policies and is excitedly preparing to help individuals in need of assistance obtaining IRS penalty relief.
“Our team is prepared to help the hard working individuals of the United states with their federal income tax problems,” said a CTR spokesperson.
IRS penalty relief is a term used to describe the waiving of income tax penalties caused by late filing or late payment. Under normal circumstances, farmers who fail to file by the March 1st deadline would be subject to a five percent per month penalty, or a half of a percent penalty for failing to pay their annual taxes. IRS tax penalties can cause a great deal of problems for taxpayers, including federal tax lien problems. A tax lien is a mark by the IRS placed on a taxpayer’s assets and bank accounts that secure the government’s interests in the event seizure is necessary.
“Tax penalties are one of the leading causes of tax debt problems,” says a CTR spokesperson. “Individuals do not always realize how quickly the extra amount can add up. Especially for farmers who do not make estimated payments throughout the course of the year, the amount owed can be very difficult to pay.”
Farmers can take advantage of the new penalty relief and deadline extension by filing IRS Form 2210-F with their income taxes. CTR’s experts acknowledge that the new regulations do not require further assistance by a tax specialist, but advise individuals who need further assistance to take advantage of a free consultation.
“Our tax experts know how to resolve tax debt issues, that’s their expertise. It’s our goal that if an individual cannot pay the full income tax amount, that they are able to obtain an IRS tax payment plan and avoid penalties,” said a CTR spokesperson.
The new deadline for farmers to file their income taxes will be April 15th, 2013. The new regulation applies to any taxpayer with whom over two thirds of the total annual income was from farming the last two years.
CTR offers tax debt resolution and tax services for individuals and businesses across the United States. The company uses a three step program to create personalized strategies to help taxpayers settle their IRS debt. The company offers many services, including: state and federal tax debt resolution, IRS audit defense, tax preparation and bookkeeping.