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Newspaper
News
Location
Frederick, Maryland, United States of America
Date
Apr 15, 1988
Page
5
The Tax Foundation says the average American will work 126 days this year to pay federal state and local taxes, with Tax Freedom Day landing on May 5 the latest ever. It notes 1988 leap year explains a May 5 date and details shifts from prior years.
Postal workers anticipate a busy last minute rush as cities prepare extended hours for tax returns. Radio stations offer caffeinated boosts and quirky promotions while curbside pickups, mall sites, and theater venues turn tax filing into events.
The IRS says errors in about 28 of 100 telephone tax inquiries may lead to penalties unless taxpayers show reasonable cause. It lists factors for reasonable action including seeking forms and instructions, details of the questioned advice, and recording the assisting agent’s name and call time. Penalties for bad checks or understatements over 5000 dollars are unlikely to be waived.
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