My husband failed to include income from his side business in our income tax return. Will the IRS hold me responsible for the tax deficiency?
When married spouses filing a joint tax return, spouses must ensure that the tax return is accurate and if there is a tax deficiency, both spouses are responsible for paying it. In certain situations, the IRS will release one spouse from liability to pay the tax deficiency. Release from having to pay tax deficiencies caused by one’s spouse is called “innocent spouse relief” and it is granted in exceptional circumstances.→ Read More