Do you owe money to the IRS?

By
Education & Training with KLSM CPA Firm, PLLC

Do you owe money to the IRS? Have you heard about the IRS People First Initiative?

Due to the COVID-19 pandemic, the IRS released a People First Initiative to help ease taxpayers' burdens during this unprecedented time. Some of the key provisions of the Peoples First Initiative are as follows:

 

  • Tax Deadline – The federal income tax filing and payment deadlines have automatically been extended to July 15, 2020.

 

  • Installment Agreements – Any payments due between April 1, 2020 – July 15, 2020, are delayed. However, interest will continue on any existing tax liability. 

 

  • Offer in Compromises (OIC) – Taxpayers with pending OIC applications have until July 15th, 2020, to provide additional information. Taxpayers who currently have an OIC can delay payments until July 15, 2020. However, interest will still accumulate on unpaid tax liability.

 

  • Liens and Levies – The IRS has delayed field collection services and automated liens and levies until July 15th, 2020.

Comments (3)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Good information to have,  Yes I owe money this year and yes, I paid it right away since I have the money now and not sure what I would have in July.

 

May 14, 2020 11:15 AM
James Dray
Fathom Realty - Bentonville, AR
Exceptional Agents, Outstanding Results

Morning Krystin.

I make it a point not to owe the feds anything.  They know all about me, so why push the envelope.

May 15, 2020 12:55 AM
Norma J. Elkins
Elite Realty Group - Morristown, TN
Realtor - Elkins Home Selling Team

Awesome information to share.  At this point they know we always do an extension.  My tax woman has it filled out and filed so we can have longer every year.  Hope that you have a wonderful weekend!

May 15, 2020 08:13 AM