BUSINESSWEEK ONLINE : FEBRUARY 19, 2001 ISSUE
BUSINESSWEEK INVESTOR Ignorance Isn't Always Bliss When you sign a joint tax return, you and your spouse are liable for any unpaid taxes, interest, and penalties, regardless of who earned the income, took the deductions, or prepared the return. Here's how to protect yourself: -- Assess your lifestyle. Is the reported income consistent with your spending? -- Question any item on the joint return you don't understand. Have your own accountant look it over if need be. -- If you suspect your spouse is misreporting income, start filing separate returns. -- Check out the IRS Web page (www.irs.gov/prod/ind_info/s_tree/index.html) on innocent spouse relief. An interactive feature helps you determine if you're liable in case of an audit. _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _					RELATED ITEMS Who Pays When a Spouse Hides Income? TABLE: Ignorance Isn't Always Bliss INTERACT E-Mail to Business Week Online

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