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Mar 18, 2016 10:00:00 AM

Following IRS's Lead Isn't Always Bad

Important legislation beneficial to taxpayers is being considered in the 2016 Mississippi Legislature.  Under current law, Mississippi can work with a taxpayer to settle an outstanding liability only by adjusting the interest and/or the penalty, and then only when the tax and remaining interest are paid in full. Under current law, the state will only consider adjusting the tax liability itself in certain limited circumstances, such as situations when the taxpayer can provide adequate supporting documentation showing the actual tax liability should be changed. 

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Topics: IRS, Tax Planning