To help people undergoing hardships as a result of the COVID-19 crisis, the IRS has launched a set of new policies called the People First Initiative (PFI). The initiative provides temporary relief from certain payment obligations for many taxpayers, including those who either have an existing IRS installment payment plan, or are considering entering into such a plan.
For existing installment agreements, payments due between April 1 and July 15, 2020 are suspended at the taxpayer's discretion. In other words, if you are currently unable to make the payments required under your installment agreement (including Direct Debit payments), you may discontinue your payments until July 15. However, if you can make any payments during this period you should do so, since interest will continue to accumulate on unpaid balances.
The IRS strongly encourages taxpayers who cannot afford to pay their federal taxes to enter into a new installment agreement as soon as possible. The April 1-July 15 payment suspension period will apply to new agreements as well as existing ones.
A tax professional can help you determine your eligibility to suspend your installment tax payments, and whether it is best to do so. The IRS will not default any installment agreements during the suspension period. In addition, many collection activities, such as liens, levies, and referrals to third-party collection agencies, have been suspended until July 15. However, field collection officers may continue to pursue compliance from some high-income taxpayers.
My practice is in Severn, MD.
I specialize in the following services for both businesses and individuals:
Tax Preparation & Tax Planning
Accounting & Bookkeeping Services:
Outsourced Accounting and Bookkeeping
QuickBooks Set up and Support Services
We have special expertise in serving the following industries:
If you are a small business that is looking for help to navigate the process to get funding I can help you with the best route to pursue to take advantage of the relief programs. I am not a lender agent working with a bank. I provide fixed fee consulting to:
• Explain each product & advise you on what products are most advantageous for you
• Help you calculate an estimate of the loan amount for which you’d qualify and how much could be forgiven
• Tell you what amount to include in payroll for a Schedule C filer versus a Partnership versus a Corporation
• Assist you in gathering the information necessary for completing the loan application(s)
• Determine if your business needs a combination of the relief programs and loans offered
Contact me for any help needed at:
Lisa D Church, CPA, EA, NTPI Fellow, MBA
7865 Clark Station Rd
Severn, MD 21144
email:lisa@waterfronttax.com
website: https://waterfronttax.com
877-727-6577 to talk to office support 24/7 to schedule appointments
Or Schedule a free consultation at: https://waterfronttax.setmore.com/
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