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January 9, 2012 2:53 pm
Innocent Spouse Rules Eased
Spouses who file joint returns usually are liable for the tax on such returns. However, some joint filers can request relief from this liability by claiming to be an innocent spouse. The IRS has announced it has made favorable changes in the way it determines equitable innocent spouse relief, which is relief for those who do not qualify for other relief.
The new guidelines, which revise the threshold requirements for equitable relief and the factors used by the IRS in granting relief, take effect immediately.
Source: IR-2012-3
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Tax Glossary
Accelerated cost recovery system (ACRS)
A statutory method of depreciation allowing accelerated rates for most types of property used in business and income-producing activities during the years 1981 through 1986. It has been superseded by the modified accelerated cost recovery system (MACRS) for assets placed in service after 1986.
