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New Haven, CT: The IRS Response to the Covid-19 Pandemic

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Real Estate Agent with Get Results Team...Just Call (408) 252-8900! . DRE #00901962 . Licensed to Sell since 1985 . Altas Realty DRE# 00901962 Lic.1985

Here is some good news for American taxpayers in regards to the how the IRS is planning to handle tax returns for 2019 in the near future. 

Thank you Eric for this update on what is happening with the IRS and COVID-19.

Original content by Eric L. Green

The focus of my practice is civil and criminal tax controversy.  At 2pm EST today the IRS released its response to assist taxpayers and give guidance as to what it will be doing as far as enforcement.  IR-2020-59 provides important guidance concerning:  Existing installment agreements, New installment agreements, Pending Offers-in-Compromises, Audits, and Field collection activites (i.e. tax liens and tax levies).

The highlights include:

  • All 2019 Income Tax Returns that were due April 15th are not due July 15th - no request required.  An extension may still be filed to get additional time until October 15th
  • All tax payments due for Aprul 15th - including income tax due with the 2019 return and ist quarter 2020 estmated tax payments are also deferred until July 15th
  • Taxpayers may suspend existing installment agreement payments between April 1st and July 15th.  This will apply even in direct-debit agreements.  The IRS states it will not default any agreement during this period.  Interest on outstanding balances will continue to run.  
  •  On request, the IRS will hold (and not close) pending offers to July 15th to allow those Taxpayers whose financial situations have deteriorated to submit updated financial information to amend their Offers-in-Compromise.  Taxpayers may suspend payments until July 15th,a nd no Offers will be defaulted for failing to file 2018 or 2019 tax documents or failing to make payments.  However, all delinquent documents and payment must be made up by July 15, 2020. 
  • The IRS will continue to process new offers-in-compromises and newinstallment agreement requests it receives.
  • No new field or desk audits will be started during this priod.
  • Appeals will continue to hold telephonic hearings. 

For taxpayers who have had a change in circumstances, now would be a good time to revisit a payment plan or consider an Offer-in-Compromise.  If you or someone you know has a tax issue please contact me at (203) 285-8545 or by email at egreen@gs-lawfirm.com.

Eric L. Green, Esq.

Green & Sklarz LLC

One Audubon Street, 3rd Floor

New Haven, CT 06511

(203) 285-8545

egreen@gs-lawfirm.com

 

 


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Michelle Cherie Carr Crowe and her "Get Results Team" (established by the late legendary Silicon Valley super agent Judy Carr) are known as the "Lynbrook and Cupertino Schools Experts." Coaching clients to success is Michelle's passion, making her and her team creative catalysts for positive change in people's lives. She is a Silicon Valley-based multi-million dollar real estate consultant, author, coach and trainer who works by referral only.

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Michelle is an internationally-published freelance writer with over 1,200 traditional articles published in print and online, co-author of two books on Silicon Valley-specific real estate as well as over 68,000 blog posts on Blogger, ActiveRain, Examiner, FaceBook, Realtor, Trulia, RealBird and others. She enjoys reading, traveling, animals, nature, family, dancing, staging, consulting, coaching and praying. Check out her blog at www.activerain.com/results or visit her online at www.michellejudycarr.com. For RE$ult$ ... Just Call ... (408) 252-8900.

 

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