New Web Based Calculator Offers Taxpayers Relief From IRS
A new web site, www.TaxPenalty.com, was launched this week by Time Value Software to assist millions of businesses to reduce penalties imposed by the IRS. The penalty reduction is enabled by recent tax law changes (IRS Rev. Proc. 99-10) that give businesses 90 days to ask the IRS to use a different calculation method for penalties.
"Our experience is that we can reduce penalties in more than half the cases," said Tom Persky, head of product development for TimeValue. "In the cases where we help, the average reduction is over 35 percent and under some circumstances, the penalty can be eliminated entirely." The service is free, except for those cases where the saving is greater than $500, in which case the service costs $49.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.