Updates to the Allowable Living Expenses set for March 1, 2009 |
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NOTE: This headliner is current through the publication date. Since changes may have occurred, no guarantees are made concerning the technical accuracy after the publication date.
Headliner Volume 253
12/30/2008
The Internal Revenue Service is currently updating the Allowable Living Expense standards, also known as collection financial standards. Scheduled date of release is March 1, 2009.
Allowable Living Expense standards are used to reduce subjectivity in determining what a taxpayer may claim as basic living expenses when the taxpayer must delay full payment of delinquent tax. Basic living expenses are taken into account by the IRS when computing a taxpayer’s ability to pay off a delinquent tax liability over a period of time. The standard allowances provide consistency and fairness in these computations because they are based on average expenditures for basic necessities by citizens in similar geographic areas. The standards are revised annually using current data, and are generally released on March 1.
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Page Last Reviewed or Updated: December 19, 2008