The IRS has released form 1127-A that could provide penalty relief to select taxpayers if they are able to pay the balance due on their 2011 individual tax return by October 15, 2012.
The penalty relief is available to two types of taxpayers.
1. W-2 earners who have been unemployed for at least 30 consecutive days during 2011 or from January 1, 2012 to April 17, 2012.
2. Self-employed individuals whose 2011 business income has declined by 25% or
more.
Penalty relief is only available to taxpayers whose income is less than $200,000 if filing a married filing joint return, or less than $100,000 if filing a single return.
For more information please copy the following link into your web browser.
http://www.irs.gov/newsroom/article/0,,id=255312,00.html?portlet=108
