The IRS announced last week in IR-2020-59 that it was shutting down most of its Collection Division Activities. This means no new liens or levies until July 15 unless the Statute of Limitations is about to run. This is good news for most people with IRS debts. But, should you just be watching Netflix?
The nationwide business shutdown means you must get cracking on a plan on how to recover. One of those planning opportunities is to renegotiate your IRS Payment Plan. Afterall, if your business was hurt, it’s not likely your old plan is going to work with your future cash flow. This means you are going to have to submit a new Form 433 to document your new financial reality.
The IRS is allowing everybody to skip any payment plan payments between 4/1 and 7/15. If you are on the automatic bank debit approach to these payments, you will need to contact your bank to hold these payments.
If you have a pending Offer-in-Compromise, you have until July 15th to modify the offer in order to recognize the changes that the slowdown is having on your business. Also, any payments due on the offer are suspended until July 15.
If you or someone you know has received a Notice of Intent to Levy or some other federal or state tax issue, please feel free to contact me at either (352) 317-5692 or email firstname.lastname@example.org.
Cell (352) 317-5692
Office (352) 376-9401
Fax (352) 376-9440