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.