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

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